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Pending Legislation Hopes to Provide Safeguards Against Students Applying for Credit Cards

Credit card companies hoping to make customers out of new college students might find themselves at a roadblock. In the coming year, some members of congress hope to implement legislation that tightens restrictions and keeps credit card companies from taking advantage of college students. KSMU's Brett Moser reports.

With a new school year around the corner, incoming college students might be inclined to apply for a credit card.

But some members of congress, such as Missouri's senator Claire McCaskill, are pushing to increase the requirements for a student credit card.

Maria Speiser, Press Secretary for McCaskill explains the focus of the legislation.

The Credit Card Accountability, Responsibility, and Disclosure Act, or C.A.R.D Act, is a comprehensive piece of legislation that was announced earlier this year. The bill received a hearing, but is now awaiting committee approval.

Speiser says the main point of the bill regarding student credit would require credit card companies to verify the income of full time students under the age of twenty one.

If a student's income is deemed insufficient, then a parent or legal guardian would be required to cosign.

Some students look to credit cards as a valuable lifeline, but Speiser says that because of the current economic state, it's important that the proper protections are put in place.

For KSMU News, I'm Brett Moser.