Did you know that the Credit Card Act of 2009 restricts people under the age of 21 from applying for a credit card unless they can prove sufficient income or have a parent, guardian or spouse cosign?
Did you know that the Act also restricts credit card companies from sending mailers to students under 21, or offering free gifts or food to encourage students to apply for a card?
Did you know that before Congress passed the Act, student loan corporation Sallie Mae reported that the average college student carried at least four credit cards with a debt of $3,173?
Did you know that as an option, parents can add their son or daughter onto their credit account as an authorized user, taking advantage of the opportunity to teach them about good credit practices?
Did you know that debit cards and prepaid cards can give young adults the independence and convenience of a credit card without the risk of spending over the limit and incurring high credit card debt?