Sunday, October 25, 2009

Fixing the College Credit-Card Mess




Posted by Nicholas Vanikiotis

Every year for the past six years, Representative Louise Slaughter (D-N.Y.) has introduced a bill designed to prevent students from taking on unmanageable amounts of credit. For six years, she has tried to alert Congress to the dangers of college student debt. And for six years, she has failed.

But this year may be different. With a Democrat majority in Congress and a growing number of college kids piling up debt that could haunt them long after college, credit-card companies are coming under increasing scrutiny, and Slaughter thinks she just might have the critical mass to succeed this time. "This Congress finally cares more about the interests of students than the interests of credit-card companies," says Slaughter.


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