What are some of the ways that the Credit Card Accountability Responsibility and Disclosure Act attempts to protect college students from deceptive practices by credit card companies?
What will be an ideal response?
One of the ways that the CARD Act attempts to protect college-age consumers is by prohibiting a credit card company from issuing a credit card to any consumer under the age of 21 unless the consumer either has a cosigner over the age of 21 with the means to repay the debts incurred by the consumer or has financial information indicating that the consumer has independent means of repaying any debts. Another way the CARD Act protects college students is by requiring that colleges and universities publicly disclose any contract agreement made with a credit card issuer. Additionally, credit card issuers are prohibited from offering college students gifts to try to get them to apply for a card.
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