MoneyWise :: Credit card reform has companies treading lightly on campus

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Released: August 27, 2010

Credit card reform has companies treading lightly on campus

Source: Ylan Q. Mui, Washington Post (Free Registration)

Credit card reform came too late for 20-year-old Tamaira Shaw.

The junior at the University of the District of Columbia got a preapproved credit card from Bank of America in the mail her freshman year of college. It had her name on it and a $500 limit, and she took it as a license to spend. Within three days, she bought a cellphone, clothes and textbooks - and maxed out her card. Her mother is still helping her pay off the balance - plus hundreds of dollars in finance charges and fees.

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