Tuesday, March 31, 2009

After graduation, you may have more than just student loans to payoff. More college students are getting into debt from credit cards. University of South Florida, Florida State University, and many more universities across the country are making millions of dollars from marketing deals with credit card issuers.

The banks acquire the mailing lists from the universities and send out mass mailings, or setup booths on the universities to entice college students to sign up for their credit cards with the school's logo. The university then receives money for each credit card issued. This practice is, in effect, encouraging students to get into debt.

Florida Attorney General Bill McCollum and New York Attorney General Andrew Cuomo are reviewing the situation.

Of course, students can get into debt on their own. Over spending and making the monthly minimum payments on their credit cards is a recipe for disaster. If you are a college student who is behind on your bills and being harassed by debt collectors or bill collectors, contact us.