By Brian Wolfman
Responding to my post earlier today concerning the Credit CARD Act (which goes into effect tomorrow), Timothy Froehle, a second-year student at the University of Iowa Law School, explains his support for the new restrictions on marketing credit cards to young adults:
As a fairly recent college graduate (2002), it shocked me how many credit card companies were set up along the corridor from the freshmen dorms to the quad, where most freshmen classes were, during orientation and the first weeks of school. For students just out of high school and drunk on new freedom (and maybe beer), the allure of credit is obvious. I guess what I'm saying is that credit cards are more like alcohol, and having a "cooling-off" period before allowing student[s] to rack up crippling debt before they fully understand the ramifications may be a good thing.
Mr. Froehle may have been responding to my skepticism of a law that that treats adults as if they are not adults. Well argued, Mr. Froehle.