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[Related: Marketing to Students: Should Kids (under 18) Have a Credit Card?]
For example, one part of the new regulations for lending states that those under 21can still obtain a credit card if they provide evidence they have “sufficient income” to pay their bills, the report said. However, the law is unclear about what constitutes “sufficient,” or no law saying the figure submitted needs to be in any way verified. Therefore, many lenders are playing fast and loose with qualifications in this regard.
[Report: Credit Card Marketing Continues on Campus]
Further, the law requires those who cannot afford a card to have a co-signer over 21, the report said. However, this can be any 21-year-old, not just a parent or guardian.
Studies have shown that the average college student now graduates with several credit cards in their name, and several thousand dollars in debt.
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