It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! This week we highlight the upcoming credit card ban on campuses, an easy way for college kids to learn about credit, and future college costs for the babies of today. Enjoy!
College campus restraining order on credit card companies
Effective in 2010, part of the CARD Act prohibits credit card companies from marketing to college kids by setting up booths on campus. No more free Frisbees and teddy bears for turning in an application for credit. Needless to say, the credit card companies are doing everything they can in this last semester to turn students onto their brand of “buy now, pay later.” The CARD Act will also prohibit people under 21 from signing up for a credit card without proof of income or a co-signor over the age of 21.
Crash course on credit for people under 21
Until high schools and colleges across the country start requiring students to take personal finance classes, an online course for $40 might be just the ticket. This one from the Institute of Consumer Financial Education is a 12-lesson class that covers everything from responsible credit card use to bankruptcy.
What to do about $100,000+ of credit card debt
The Expert Financial Advice blog posted an interesting Q&A exchange about what to do when you’ve got more debt than it takes to send a child to college for four years. The twist is that this particular debtor, Jim, can actually afford to pay his debt back over time (no bankruptcy worries here) but just wants the creditor to stop cutting his limit and raising his interest rate. See what certified financial planner Bragg Comer suggests.
A $3.99 investment to save thousands
The title of this post had me hooked. What is it, you ask? Check out Redeeming Riches to find out. (Hint: no college degree required to understand the investment strategy.)
Who can resist the power of baby faces?
I know I can’t. Surburban Dollar gathers together cute baby pics and lots of financial wisdom from all over the web for your enjoyment and enlightenment. Babies and finance. They have a lot more in common than you might initially guess (can anyone say “college tuition costs in the year 2027”?). Thanks for including us in this carnival of cuteness! And congratulations on your new addition to the family!