SPRINGFIELD, Ill. – State Rep. Michelle Mussman, D-Schaumburg, is urging the state Senate to pass a measure that would better protect college students from entering into high interest rate contracts with credit card companies. House Bill 4710 establishes the College Student Credit Card Marketing and Debt Task Force to investigate credit card marketing and debt with regard to Illinois’ college student population.
“There are legitimate reasons for why a college student would want, and could benefit from, a credit card,” said Mussman. “But the unfortunate reality is that credit card companies are looking to team up with universities to market their products to students, knowing that the partnership can provide credibility to their marketing ploy. Different strategies like on-campus marketing, rewards programs, college affinity cards and college logos on credit cards have been effective methods to get students to confidently register for credit cards, without knowing the details of the contract they’re signing.”
Mussman voted in favor of House Bill 4710, which requires the Department of Financial and Professional Regulation to provide technical and administrative support to the newly formed College Student Credit Card Marketing and Debt Task Force. The task force will study various factors related to credit card marketing and debt as these issues apply to college students and report its findings to the General Assembly,
“The unintended consequence of marketing to young adults is that our kids will be saddled with debt and a high interest rate early on in their adult life,” said Mussman. “It’s impossible to keep our students completely safe from credit card predators, but there is more that we can do to make sure that they don’t fall victim to a marketing partnership involving their college of choice.”