Tell a college student they can’t do something and someone will figure out a way to monetize it. Thanks to the CARD Act, makers of fake ID’s on campuses may now have a new sideline business: selling real credit card cosigner signatures.
As of Feb 2010, kids under 21 can’t get a credit card without an adult cosignature. Rather than ask their parents, some college kids are simply paying other older students to sign for them, reports The Takeaway. A cottage industry has cropped up selling sigs for a fee.
The people selling their signatures are pretty stupid. If the buyer of the signature defaults on their credit card debt, the cosigner is just as financially responsible for paying off their debt. Is beer money really worth the risk of years of ruined credit reports and dodging debt collectors?