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Credit card companies target college students despite federal law Atlanta, GA

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Credit card companies target college students despite federal law

Judge Gavel, Scales of Justice and legal books on the desk

In 2009, the federal government passed the Credit Card Accountability, Responsibility and Disclosure Act, called the Credit CARD Act for short. The goal of the legislation was to decrease the number of college-age adults who signed up for cards and incurred unmanageable credit card debt without realizing the impact of their actions on their family and their future. Now, adults under the age of 21 are only allowed to sign up for a credit card if they have a co-signer or if they can prove that they have income.

While the CARD Act forbids credit card companies to offer freebies to students for signing up for cards, it does not keep issuers from marketing on college campuses. One product that is commonly marketed at colleges is the affinity card, a credit card affiliated with the school that makes money for both the credit card company and the college itself.

In 2010, the University of Georgia received $1.3 million in marketing dollars from FIA Card Services, a subsidiary of Bank of America. In exchange, the college allowed the company to market the credit card to students and alumni at sporting events and provided contact information for students and alumni so the company could market directly to them.

While the practice of selling student addresses and telephone numbers seems shady at best, many financial experts believe that the CARD Act has made significant progress. After the law went into effect, the number of credit card accounts among college students fell by 17 percent, according to CPA and financial literacy professional Sharon Lechter.

Despite that marked progress, Lechter believes that there is still a long way to go to save the next generation from a dismal financial future. “We need to educate young people about how to manage money but also how to make money,” she said. “That’s the only way we’re going to save this generation.”

Source: Fox Business, “The Big Business of Credit Cards on Campus,” Geoff Williams, Nov. 28, 2011

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1718 Peachtree St NW, #385
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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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