<p>NYTimes article on a new initiative to curb the barrage of credit-card offers on campus.</p>
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Credit-card companies like students because they have parents who will probably pay off their debt if there is a problem, even though parents generally have no legal obligation to do so, said Bill Hardekopf, the chief executive of LowCards.com, which tracks credit-card rates....
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<p>Aggressive marketing on campuses definitely needs to stop, but the legislation mentioned at the end of the article seems like a mixed bag. Part of it makes sense--if you're a full-time student with no income, one credit card is probably all you should have. But a blanket limit on credit available to full-time students, regardless of income? Maybe the article simplified things, because that seems ridiculous. I know plenty of full-time students who work nearly full-time jobs too! Even a student with only a part time job who covers room and board using scholarships, parental generosity, or financial aid can be a very good credit risk.</p>
<p>I'm proud of having only having been lured by credit salesmen once in exchange for free pizza (they were stationed outside the pizza place I was already about to go into...), and that one time I put down a fake name, address, social security number, everything :-P</p>
<p>When I finally decided a couple of months ago that I needed to get a credit card to start building my credit rating, it was easy enough to sort through the barrage of offers I was getting in the mail and online, and get approved for a decent line of credit based on my part-time income. If I didn't need to get a card to start building a credit rating, I would've put it off forever! It's a stupid system... I do just fine without spending imaginary money, thanks.</p>