Credit card reforms may have made it more difficult for banks to exploit college students, but it turns out there is more than one way to turn an unsuspecting post-adolescent into a debt monkey. The trick is to issue students debit cards that run up their student loans rather than over-regulated credit cards.
The Washington Post says these things are becoming as popular as blackouts and lifelong regrets on college campuses nationwide. The cards are plagued with high fees and have sparked student protests.
The Post spoke to a University of North Dakota student who led one such demonstration:
“That’s really just not the best thing to be doing with our financial aid. They’re siphoning it away little by little.”
If you’re a student or hang out around a college campus, tell us if you have any experience with these tricky cards.
Debit cards replacing credit cards on college campuses [The Washington Post]