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Is returned to campuses across this country you can bet that credit car company's.
Will be setting their sights on these young.
But with new rules taking effect this February this could be the last chance for these companies to prey on the typical college overspend -- joining me now.
Is Adam Levin credit dot com chairman and founder.
I -- -- we've talked about the rules that are going into effect a few of them.
Went into effect last week but the one that hits college students doesn't kick in until February.
February and I couldn't understand the timing on that the right time to do that one would have been now since people returning to college campuses and.
As we speak but it will restrict.
The ability for credit card company to give a card to somebody under the age of 21 yes -- now have to prove either independent ability to pay or have a parent responsible person cosigned for you which could be a home -- creation process.
But do you think could be as you pointed out do you think that there is going to be this huge push between now and February to really issues many cars as possible yeah I think -- kind of Lester -- So the question is do we see kind of a day and -- locusts on campus -- in February at the edge of campus with the credit card companies time with him.
What about there there are other rules have gone into effect in certain states I believe Illinois really restricts.
Credit card companies from offering gifts on college campuses doesn't not but that doesn't kick in and tell.
January were -- -- -- -- a number of states that are putting restrictions on -- and then of course people who also looking at universities themselves to show some responsibility here and and from what I understand some universities are stepping up.
Starting to restrict the activities credit card companies and -- But -- you really gonna say the merchants crying foul because they don't really care how didn't.
College students -- as long as the heat here she does spent in the east it's all they care about in the towns is that is that somebody spending and how they got there.
What they're using not really relevant to the -- just that they spent.
It -- ultimately up to the parents to teach these kids.
I guess they don't teach him because they're in -- today.
Well -- biggest problem is that it's all about financial literacy in his matches you know one Italian.
That the society at large the fact is nobody taught our parents and financial literacy hasn't really been top -- my do you do you really believe this financial literacy day you have to just feel the pain.
Of run going running and they're running up too much debt or having your credit card taken away from you after you've developed the certain lifestyle.
I I still think that you know I think it is a mystery to me like -- economic tree is more important than life financial skills and as much as Shakespeare is critical and I think it should be part of every curriculum.
I don't think we should be living Shakespearean dramas and our -- by being destroyed -- credit too many young people are digging themselves I would dead after they graduate when.
Just some kind of responsible common sense approach could help them build the foundation.
But excuses always need to build my credit score before -- from college right -- -- building your credit -- and destroying it.
You know employers for years you know credit cards are either going to be an -- an instrument of financial bet it's really up to each person -- If parents are gonna have the big talk about sex and drugs they should also have the big talk about credit.
And the tough love should occur before the disaster as opposed to after.
An intervention thank you Adam good to say Adam Levin credit dot com chairman and founder with new rules --
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