Senate aims to reduce students' credit card debt

05/10/2009 | Boston Globe (tiered subscription model), The

Programs that entice teens to apply for credit cards with high interest rates are being scrutinized by Congress. The average credit card debt among recent college graduates increased from $2,900 in 2004 to more than $4,100 in 2008, according to a report from student lender Sallie Mae. The U.S. Senate is considering a bill that seeks to require students under 21 to complete a financial-literacy course or have a parent's permission before applying for a credit card.

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