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College students and credit cards

College students and credit cards

Photo: clipart.com


It’s an old story: people graduating college with a mountain of student-loan debt. And a bill in the Illinois House would try to protect students from also having a mountain of credit-card debt.

The bill, sponsored by State Rep. Sue Scherer (D-Decatur), has passed a committee and would outlaw the lenders from marketing on public university and community college campuses.

From the Illinois Bankers Association, Ben Jackson suggests alternatives.

“Perhaps we look at increased education to make sure there’s more information in their hands when making credit decisions,” he told lawmakers. “This bill will not ban students from incurring debt. It’s not going to ban credit card marketing to college students.”

And a college-town lawmaker, State Rep. Carol Ammons (D-Urbana) added, setting up a card table on the Quad to lure customers is not exactly predatory marketing.

HB 4710 has passed the House Higher Education Committee.

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