Blog

Browse All Blog Topics

Congress Working on Credit Card Legislation

Apr 30, 2009

by Scholarships.com Staff

Student loans and credit cards make up the two most dangerous, and often difficult to avoid, debt traps for college students.  While some amount of borrowing for college can make life easier for students, too much debt can make life nearly impossible for graduates.  The same goes for credit cards.  Having a card is great for emergencies and your credit rating, but running up a large balance while in college can really hurt, especially for students who were approved during days of easy credit and are now seeing rates soar and credit limits plummet.

However, Congress is working to make things easier for current credit card holders and also to make the choice of whether or not to open a credit account less nerve-wracking for new college students.  Legislation in both the House of Representatives and the Senate seeks to create a "credit card holders' bill of rights," curbing confusing and predatory practices by banks issuing credit cards.  While the bills have received bipartisan support, including a ringing endorsement from President Obama, there is still some concern about possible backlash in the form of even more stringent credit requirements for people who want to open credit card accounts.

Still, picking up a poorly screen printed t-shirt along with a new line of credit with an 18+ percent interest rate is a campus tradition unlikely to be missed by many.  With college students' credit card debt still on the rise as of 2008 and relief from private loans still nowhere in sight, any new consumer debt protection will likely be welcomed by many college students and recent graduates.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

Most Shared Articles

Fighting crime is no easy task and is not meant for everyone. Careers in criminal justice aren't limited to police officers. You can study to be a criminal law paralegal, a crime lab analyst or even work for homeland security. If you plan to take this route, don't forget to apply for these solid scholarships to reduce debt while also doing your part to reduce crime: [...]

0 months ago 0 comments Read More

Due to Oregon's $1.8 billion budget crisis, public university leaders want funding reallocated from the Promise program to the state's need-based grant, which is awarded to low-income students who attend Oregon's public universities. [...]

0 months ago 0 comments Read More

The traditional college route isn't the best choice for everyone. There are ample scholarship opportunities for students who opt for a vocational career, whether it be in the plumbing, carpentry, electrical, firefighting or many others. If you want to learn or hone a specific skill as an alternative to attending a more traditional four-year college, take some time to consider these vocational scholarship opportunities: [...]

0 months ago 0 comments Read More

Wheaton College, a liberal arts college in Massachusetts, has created a refugee scholarship following the POTUS' immigration order in an effort to preserve their "foreign-born community." Another scholarship called The Privilege Grant, was recently created and is exclusively for white men "pursuing college on equal footing with their female, queer and ethnic minority classmates." [...]

0 months ago 14 comments Read More

February is Black History Month, or National African-American History Month, and is annually spent celebrating the achievements and contributions of black Americans in U.S. history. MLK had a dream - what is yours? Ours is helping you go to college with as little debt as possible. If that's your dream, check out these Black History Month-inspired scholarships: [...]

0 months ago 1 comments Read More

Living the college life has gotten way more expensive since 1980, and not including just tuition and fees. While many types tuition freezes, government tuition-free programs, scholarships, and grants help foot the tuition bill, housing and food remain uncovered, according to MarketWatch. [...]

1 months ago 2 comments Read More

The NFL Super Bowl is right around the corner, and while you may be enjoying the highly entertaining commercials or half-time show, we’ve compiled a list of football scholarships for those of you who one day aspire to play in the Super Bowl. If you have a passion for the game and wish to play at the collegiate level and beyond, check out these award opportunities and get paid to play: [...]

1 months ago 0 comments Read More

At elite colleges, more students come from the top 1 percent than the entire bottom 60 percent, according to a new study. While roughly one in four of the wealthiest students attend elite schools, including five Ivy League schools, graduating college helps "level the playing field for students of all socioeconomic backgrounds," according to Inside Higher Ed. [...]

1 months ago 0 comments Read More

Not all scholarships are awarded to the best writers with the strongest essays. So whether you're too busy writing other essays for school or simply not the best at literary composition, there are scholarship providers that dole out funds for unique hobbies or skill sets; or even for simply entering a contest. Check out these no-essay (or essay-alternative) awards for a chance to fund your college education:: [...]

1 months ago 3 comments Read More