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The Ohio House of Representatives recently approved a bill that would regulate credit card marketing aimed at young adults. The bill now goes before the state Senate for consideration.
The bill follows statistics released by the Ohio Credit Union League that indicated more students drop out of college because of bad credit than because of academic failure, reports Credit Union Journal, a Collections & Credit Risk sister publication. Ohio has no existing law that regulates the marketing of credit cards to college students.
"We must give students the safeguards they need to protect their financial future," the bill's sponsors said in a news release. "In these trying economic times, it is especially important that our young people are not vulnerable to enormous debt, which takes a long time to pay off and even forces some students to drop out of school."
