Guest Blogger Timothy Froehle on Marketing Credit Cards to Students

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.

Comments

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A report is scheduled to be released tomorrow that is expected to provide an adequate gauge as to the pulse of the American consumer. High unemployment, tighter credit conditions, and the prospect of higher taxes have not bided well for the mindset of shoppers, and upcoming data may not help bolster new optimism.

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with the new credit card act some students might find this as bad news because it would be harder for them to apply for a student credit card but let us look at the brighter side of it. A credit card can help a student learn the true meaning of being responsible but let us not forget that many others who suffered bad credit because of incorrect credit card use.

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°“The most common pitfall is sharing an idea or a product with too few influencers and expecting to move the needle. An influencer is bound to take the message further than the average person. However brands may need to engage hundreds of influencers at a time to have quantitative results that show the impact of their efforts.

[tiffney cruz]

hi, this is a great post. I agree with this that credit cards are more like alcohol but in other side it is beneficial for students if they use it in proper use and order.
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tiffney

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A credit card can help a student learn the true meaning of being responsible but let us not forget that many others who suffered bad credit because of incorrect credit card use.

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A student credit card is one more "tool" for the student to use during their college years. As with any tool, proper use and understanding of this "new item" have to be given by a qualified instructor. That instructor needs to be parents. Teaching the student early regarding money and financial issues will almost insure that the this new college student will function and spend within his or her means. In the end, hopefully they will obtain a good to excellant credit rating and well be on their way to financial success.

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Hi i am alina gorge from kanpur city.Credit Cards are widespread all over the US as well as worldwide and are accepted Internationally as a very convenient mean of payment either in person at stores,