Springfield, Illinois - Legislation sponsored by State Senator Tony Munoz (D-Chicago) that will require colleges to educate students against the dangers of credit card debt has been signed into law. "Many students start college and are bombarded with credit card applications that promise free gifts and other benefits if they apply," said Munoz.  “The problem is that a large number of students don’t realize that this debt can impact their future.”

House Bill 2352 creates the Credit Card Marketing Act of 2009.  This bill will require public and private colleges in Illinois to make a financial education program available on their campuses.

This legislation is an initiative of the Illinois Treasurer’s Office and seeks to prevent college students from being taken advantage of by credit card companies.

“I commend Senator Munoz for his leadership in supporting this legislation that cracks down on credit card marketing schemes,” Illinois Treasurer Alexi Giannoulias said. “Too often, credit card offers are not what they seem. A free gift or lunch today can cost a student hundreds of dollars in interest years later. These marketing schemes can result in even more debt before students graduate and enter the ‘real world’.”
The educational information provided by the college will help prepare students to handle credit card and other debt responsibly. In addition, the institution will help to educate students on related financial issues and prohibit institutions and their entities from offering incentives on campus in order to get students to sign credit card applications.