Our first reaction to the announcement that Suze Orman and MasterCard® had created a new credit card was definitely cynical. We thought “Here’s another example of a well-known personal finance expert, who supposedly is all about helping people get out of debt and increase their financial standings, taking advantage of devoted followers just to add to her own coffers.”

After investigating The Approved Card® by Suze Orman, we had to admit my initial reaction was wrong. The Approved Card is not a credit card at all, but is a prepaid card that works wherever debit MasterCard is accepted. That means people who enroll for The Approved Card cannot create more debt simply through its use as you can only spend the amount of money the card is loaded with.

There are several options on loading the approved card. First, the card allows the consumer to set up direct deposit to load the card. The service is free. An added benefit is that with every direct deposit, the consumer gets 30 days of free ATM services at over 35,000 AllPoint ATM’s throughout the US. Second, you can load the card by transferring funds from a bank, and again the service is free and earns the cardholder the same free ATM services. Third, although the benefits of either direct deposit or bank transfer don’t apply, a cardholder can add cash through any MoneyGram Express Payment or Western Union location.

After learning that Orman’s Approved Card wasn’t a credit card, our initial cynicism was toned down, but after researching the fees associated with the card, we actually began to be impressed by the structure of the program (Yes, actually a program that Orman is calling “People First”) of which the card is part. Rather than some complicated fee structure or percentage of transaction amount, the card carries with it a flat fee of $3.00 per card issued and a $3.00 a month fee regardless of the number of transactions – or the number of cards in use. With one direct deposit or balance transfer from your bank, you can avoid any withdrawal, balance inquiry, or even withdrawal declined fees at approved ATMs. It’s about the simplest, straightforward, affordable fee structure you could ask for.

From here, Orman’s Approved Card just seems to get better. There’s a text tool that the consumer can configure to send balance, transaction, and deposit information to his or her cell phone. The same information can be sent to your email. Orman has set up what she calls “The Approved Dashboard,” which, besides displaying loads, expenditures and balances, allows the consumer to easily track spending trends, upcoming bills, and the like. Also, Approved Card holders will have access to periodic emails and/or videos with financial advice from Orman.

There’s an option of adding up to 3 additional cards to the Approved Card account. This makes a convenient way to get money to a child away at college or to teach children older than 13 how to use money responsibly. The account allows you to load money to the additional cards. The same text message or email notification of transactions is available for each additional card, and each additional card also gets its own Approved Dashboard.

Additionally, The Approved Card allows for up to 6 Emergency Funds or Goal Funds, allowing the cardholder to earmark money for savings. Money in an emergency or goal fund is not available for spending unless it is transferred out of the savings portion of the card.

As part of the “People First” program, Orman has included several other features with the card that one might not normally expect from a bank card. Two of those features are actually services that usually involve a monthly premium elsewhere. The Approved Card member receives free identity protection monitoring services from Trusted ID®. Also, for the first year of enrollment, the cardholder has unlimited access to credit scores, credit reports, and credit monitoring through TransUnion®.

In short, The Approved Card by Suze Orman offers a viable and extremely affordable way for a consumer to

• Gain a better understanding, and therefore, greater control, over his or her spending habits,
• Teach his or her children fiscal responsibility,
• Put aside money for a rainy day,
• Have access to tools and information allowing him or her to learn more about managing finances, and
• Be secure in the knowledge his or her identity is safe.

Average Credit Card Debt By City & State

PlasticRewards presents an infographic of the average credit card debt by city and state. See where your city and state rank nationwide.

It’s April, but there’s “No foolin” on great zero percent credit card offers through Discover® or CitiBank.

From now through April 30th, apply for one of four credit cards, transfer a balance, and get zero percent interest on that transfer in addition to zero percent on purchases. This limited time offer is for Discover More card, Citi Dividend Platinum Select® MasterCard®, Citi® Platinum Select MasterCard, or Citi Diamond Preferred® Card.

These incredible offers come just in time for the spring projects in the house and in the yard. The terms offered on balance transfers extend for a long enough period to save some major interest while making significant progress on paying down the balance you owe.

Besides the appealing terms on balance transfers, Discover and each of the Citibank MasterCards offer additional benefits to the new account holder. Those perks are compared below.

Zero Percent on Balance Transfers

• Discover Card – 24 months
• Citi Dividend Platinum Select – 15 months
• Citi Platinum Select – 21 months
• Citi Diamond Preferred – 21 months

Zero Percent on Purchases

• Discover – 6 months
• Citi Dividend Platinum Select – 15 months
• Citi Platinum Select – 21 months
• Citi Diamond Preferred – 21 months

No Annual Fee

• Discover
• Citi Dividend Platinum Select
• Citi Platinum Select
• Citi Diamond Preferred

Cash Back Rewards

• Discover – 5% on select categories quarterly; 1% on everything else
• Citi Dividend Platinum Select – $100 after $500 in purchases during first 3 months; 5% on select categories quarterly; 2% on everything else for first 12 months, then 1% thereafter

Online Shopping Cash Back Bonus

• Discover – 5% to 20% through Discover Shopping Mall
• Citi (All Cards) – 10 % “Extra Cash Dollars” on all purchases can be used for discounts through “Extra Cash by Citi” site.

Regular APR

• Discover – 11.99%-20.99% (Variable)
• Citi Dividend Platinum Select – 12.99%-20.99% (Variable)
• Citi Platinum Select – 11.99%-20.99% (Variable)
• Citi Diamond Preferred – 11.99%-20.99% (Variable)

So stop foolin’ around and take advantage of a great deal by selecting the card that’s best for you. Act today because after April 30, time’s up.

As a young child, I spent a lot of time with my grandparents. Some of my fondest memories are of my grandmother telling me stories. One of the ever-present favorites was the fable “The Tortoise and the Hare.” How often I heard the axiom, “Slow and steady wins the race.”

As an adult, I’m amazed at how many times that axiom has popped into my mind and been a sort of guide in my decision-making, including decisions about credit cards.

The glut of credit card options can be overwhelming for anyone to wade through in a quest to make a wise decision about which card to apply for. Many reward offers are attractive. Equally appealing are the tempting zero-percent cards. However, for anyone with a fair amount of debt to pay down, a low interest card is a wise choice.

Let’s face it. Life has a way of landing us in unexpected circumstances. Whether a temporary job loss or a medical emergency or the break down of a large appliance or a vehicle, any one of us could find himself in a unexpected circumstance where a major amount of debt is incurred. Once we get back on our feet by finding another job or recovering our health, how do we address the new debt we suddenly find ourselves saddled with?

Why not a zero-percent card? A zero-percent card is a great option if you know you can pay off the balance by the end of the introductory zero-percent offer. Read the fine print before you select a zero percent card and be sure you understand what your interest rate will become at the end of the introductory period. Some zero percent offers have a steep interest rate after the initial offer. For instance, I needed to replace car tires the other day. I could save $90 if I opened a credit card account at the tire dealership. The card’s zero interest jumps up to a whopping 26.99% after the initial six months is over. An interest rate like that could add a lot to a debt load if one cannot pay off the card balance at the end of the initial zero-percent offer.

I believe my grandmother’s axiom comes into play. Wisdom would dictate looking for a low interest rate credit card that would allow me to intentionally pay down my debt at a steady pace each month without a punishing amount of interest charged on the balance.

In taking this steady approach to debt reduction, look for a card with a low interest rate. At the same time, check to see that the card has no annual fees. On top of no annual fee and a low interest rate on both new purchases and existing balance, if you can find a card that offers a lower initial interest rate for balance transfers, I’d consider applying for that card.

A low interest credit card I’d personally highly recommend is IberiaBank Visa® Classic Card. This particular card offers relatively low interest rates, a great six month introductory 1.99% rate on all balance transfers, and no annual fees. IberiaBank Visa® Classic Card just received top ratings in the Consumer Reports Top Low-Interest / Fees Cards of 2010.

If life has handed you unexpected debt or you’ve just decided to make an effort to become debt free, this low interest rate card would be a great one to transfer balances to. With normally low rates, a great introductory offer, and no annual fees, it definitely allows the consumer some breathing room while he makes progress in paying off debt in steady, monthly increments.

Years ago I had a friend who, before I met him, had unexpectedly found himself out of work. He and his family lived in a small town, and he had difficulty finding employment in his career field. While he was out of work for 18 months, his wife was only able to find part-time employment. The end result was foreclosure on their home. He was eventually able to find a position in another state, and he, his wife, and their four children began the adventure of relocating to the town in which I lived. It was interesting to be a friend-observer as they dealt with the limits foreclosure put upon them financially. The first couple of years after foreclosure were difficult for the family, but thankfully, they had made wise decisions and had good financial practices prior to losing their home so the recovery was not as hard as it could have been. I learned quite a deal through watching and listening to my friend and his spouse.

As anyone knows, going through a foreclosure will cause your credit score to plunge drastically, and the foreclosure will remain on your credit report for seven years. With a low credit score, you will be regarded as a high credit risk, and therefore, if you are seeking to open new credit accounts, the interest rates will be quite high. This will especially be true immediately following the foreclosure. However, if you can practice good credit habits consistently, you can begin to rebuild your credit score and, with time, ease the impact of the foreclosure.

The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 aimed to give consumers some protection against unfair practices by credit card issuing companies. This means that your interest rates on already existing credit card debt should not increase because of your foreclosure. You may, however, experience higher rates on new debt. If so, there are steps you can take to lower those rates, but it may take time.

Interest rates are primarily based on your credit score and how great a risk you are perceived to be. After foreclosure, you will want to work hard on rebuilding your overall credit score but also work with individual card companies to maintain or establish good standing with them.

First, if your rates on new debt have have increased after foreclosure and you have had a history of on-time payments, especially if you typically pay more than the minimum payment, contact your credit card company and discuss the rate increase with them. Ask them to look at your payment history and, based on your good-standing with them, continue to keep your interest rate at the lower level. If the initial person with whom you speak does not give you a satisfactory answer, don’t be afraid to ask to speak with someone with more authority.

If you haven’t had a history of on-time payments, start today to establish one. Also, make a great effort to pay more than the minimum due each month. After six months of on-time payments, call the card company to negotiate your rate. Continue to build your good payment history and continue to make those calls to negotiate your rate every couple of months until you get the answer/rate you want. Not only will a good payment history and a history of making more than the minimum payment to your credit card company establish with that company that you know how to handle credit, it will help in rebuilding the score on your credit report.

Another practice to adhere to in this rebuilding time is to go without that which you cannot afford. If you are unable to pay off a new purchase by the end of the credit card cycle, do not charge it.

Work to make sure your credit card balance is well below your credit limit. Ideally, work to pay down your debt load to 30% or lower of your credit limit. If you have more than one card with an outstanding balance, do it for each card. You may have to focus on one card at a time. While you do, be sure you are making all the other card payments on time. When you have lowered your outstanding balance, it is another good time to call the card company and discuss your interest rate. Because paying down your outstanding balance lowers your debt to income ratio, there will also be a positive movement on your credit score.

It might be easy in a tough situation like foreclosure to give into some kind of initial panic and close all your credit card accounts. Doing so would not be wise. Foreclosure will, for a time, make obtaining new credit both difficult and expensive – because of the high interest rates. You have a much better chance of working for reasonable solutions or compromises with a company with whom you’ve had a history. Also, most people don’t realize that closing established credit card accounts can sometimes cause your credit score to drop slightly.

The above practices are pretty basic. It might take a time to see the results of these practices, but they are fundamental approaches to using credit and to recovering from a large economic setback such as a foreclosure. If you can hang in there through the initial tough period and be committed to making on-time payments, making more than the minimum payment, charging only what you can pay off at the end of the month, paying down your credit card balance to 30% of your credit limit, and calling your credit card company frequently to dialogue with them about your interest rates, not only will you be able to come to an agreement on an acceptable rate of interest, you will also be rebuilding a more positive credit score.

The short answer to the question “How old do I have to be to get a credit card?” is 21. However, like most things in life, there are exceptions to that rule. Those exceptions have important ramifications for parents of teenagers.

On February 22, 2010 the CARD Act of 2009 went into effect. The Act was designed in response to the credit crisis that, coupled with the collapse of the housing market, helped push the nation into a recession. Proponents of the CARD Act gained popular support for the Act by emphasizing that the Act was designed to protect consumers. The CARD Act seeks to limit powers and practices of credit issuing companies.

One consumer group specifically targeted by the CARD Act for more protection is that of young people. Restrictions placed on credit card issuers include raising the age from 18 (in most places) to 21 to qualify for credit cards and limiting the access credit card companies have to college campuses in order to recruit students to apply for cards. The arguments for these limitations had a lot to do with protecting unwitting students from ruining their credit before they even had a chance to graduate.

When it comes to discussing the use of credit cards, I’ll be the first to acknowledge that there is a wide spectrum of beliefs and feelings about the topic. One can hear everything from “I have never had a credit card and never will” to “I buy everything with my card and rack up as many reward points as possible.” Like a debate on politics or religion, a discussion about the ethics or morals involved in using credit cards can quickly turn heated.

This is the way I see it. Credit cards are here to stay. Because credit cards are such an integral part of both our economic system and our culture, we need to be educated in our use of them, and we, as parents, have a responsibility to educate our youth about credit cards. I can understand the reasoning behind the limitations placed on credit issuing companies in relation to extending credit to youth, but I don’t believe those limitations are the real solution to helping young people avoid problems with using credit.

Here’s another place we can apply the ancient proverb, “Give a man a fish, and he’ll eat for a day. Teach a man to fish, and he’ll eat for a lifetime.” The real solution to helping youth avoid credit-related problems is to educate them about credit and about how to use credit cards responsibility. I believe the time for credit-related education is during high school and prior to the young person moving away from home. For this reason, I believe in taking a responsible approach to the age-related exceptions offered by the CARD Act of 2009.

One exception is that a young person under the age of 21 can obtain his or her own credit card if a parent or guardian co-signs the card application agreeing to accept financial responsibility in case the young person fails to make payments, etc. With supervision and training from involved parents, a young person who knows how to use his or her own checking account and reconcile the monthly bank statements is ready to learn responsible use of a credit card.

Co-signing for a young person to receive his or her own credit card is different than adding them as an authorized user on your account. As an authorized user, the young person would receive a credit card with his or her name on it, but any charges would be recorded on the one bill/statement that goes to you. Simply adding him or her as an authorized user affords fewer learning opportunities for the youth and more risk for you. The risks include not having a spending limit imposed by the credit issuing company that is any less than your personal limit and making you vulnerable if your son or daughter misplaces the card.

On the other hand, obtaining his or her own credit card gives the student not only learning opportunities in a supportive and somewhat controlled environment, but also helps him or her to begin establishing credit in preparation for after college graduation when a good credit rating will make things, such as getting a car loan or perhaps obtaining housing, easier or more affordable.

The wise parent will help the young person obtain a low limit credit card with a limit of perhaps $200 or $300. This limits the liability the parent has while supporting the training of the youth. During the hands-on experiment with credit, the parent can teach the youth several important lessons about credit including the following:

• What a good credit rating is, how you establish it, and why it is important.
• The importance of on-time payments.
• The importance of carefully reviewing your monthly credit card statement.
• The principle of interest and how it works (ie: The danger of making only a minimum monthly payment).
• How to figure debt to income ratio and what percentage of credit card debt is manageable to carry.

As a youth demonstrates responsibility in handling his or her own credit card and an understanding of the lessons the parent has taught, it may be wise to raise the limit on the card or to obtain a credit card with a higher limit. Ideally, by the time the youth is ready to establish himself independent of his parents, the allure of easy credit will not be a temptation to which he will succumb.

Listening to a steady stream of advice flowing from my grandmother’s lips during the entirety of my growing up years, you’d have thought she published the world’s largest collections of “Maxims to Live By.” Of course, if the world had listened to and followed her wise counsel contained in such memorable statements as “Neither a borrower nor a lender be,” I wouldn’t be writing this blog.

Because I enjoy the convenience of credit and debit cards, or perhaps because avoiding credit wasn’t a “lesson I learned early and harmlessly,” I have to face the fact that having my credit card or my credit card number stolen is a very real possibility as it is for anyone who carries credit cards. I’m not exempt just because I write this blog. However, knowing “an ounce of prevention is worth a pound of cure,” there are steps both you and I can take prior to having cards stolen that will help if that event ever takes place.

First, carry a minimum number of cards in your wallet and never carry a social security card.

Second, it’s recommended that you keep a photocopy of both sides of every card you own. This file of paperwork should be kept in a safe place separate from where you keep your credit cards. If an actual photocopy of every card seems like too much paper to keep track of, you could instead keep a one-page listing of the pertinent information. This list would include the name of the institution issuing your credit card, your credit card account number, and the phone number to call to report a lost or stolen card. This list needs to be on a hard-copy, paper format. (If you keep such a list of information stored on your computer, caution needs to be taken in doing so…but that’s another blog entry.)

When it comes to stolen credit or debit cards, “timing is everything.” A quick response to the situation is your best protection.

If the worst happens and your wallet is stolen, you immediately need to use your list to phone the companies that issued your stolen credit cards to report them as stolen. Timing is essential here. The Fair Credit Billing Act (FBCA) limits your liability to $50 on a credit card reported as stolen. The Electronic Funds Transfer Act (EFTA) limits the amount of your liability on fraudulent transfers or ATM withdrawals based on how quickly you report the ATM/debit card as stolen. If the loss is reported within 48 hours, your liability is only $50, but if the time period is more than 2 business days, you could be liable for up to $500. If you neglect to report unauthorized use of your ATM/debit card within 60 days of the bank statement showing the unauthorized access, you will be liable for the entire loss.

In dealing with stolen credit cards, it is best to document in writing everything that is done. Record the date and time of your phone calls to the credit card issuers. Be sure to record the name and ID # of the representative handling your report. Take notes on your phone call. After completing the rest of the steps necessary in dealing with the theft of your credit cards and wallet, summarize the content of your phone call in a written letter to the credit card company. Keep a copy of each of the letters you sent, and perhaps consider mailing the letters return receipt or signature confirmation. The point is to create a paper trail that documents your actions just in case anything comes up for dispute at a later time.

After reporting the stolen cards to the issuing company, file a report with your local police (or, if you are away from home, with the police where the theft took place).

Be sure to contact each of the national credit reporting agencies by phone. Report your stolen credit cards and request a credit freeze be put on your account. You will create a password that must be used to remove the freeze. If your identity has been stolen, this service will be free. Otherwise, each credit agency will assess a small fee both to initiate and to remove the freeze. Again, it is wise to document these phone calls and mail a follow-up letter summarizing the requested action to each of the credit reporting agencies.

Contact your state’s department of motor vehicles to report your license as stolen and obtain a new license. Be sure the license number is different from the number on the stolen license. Contacting the social security office is essential if you broke the rules and carried your social security card or number in your wallet. In this age of identity theft, it might be wise to speak with one of their representatives about the loss of your wallet even if you didn’t have your social security card tucked inside.

Once the immediate, initial wave of contacts reporting the loss of your credit or debit cards has been made, you should keep a vigilant watch on your bank statements, credit card statements, and other bills. If there is any unauthorized activity, report it immediately.

Being prepared and acting quickly will ensure you minimize your loss in the event of stolen cards. Like grandma always said, “Wise people are diligent.”

A recent trip to the airport caught my interest when an airline customer service agent told me I could just swipe my credit card in their kiosk to print a boarding pass and check baggage. I tried to explain that I was not the one who had actually booked the ticket and that my credit card would be of no use. However, the customer service agent reassured me that by inserting my card into the kiosk reader, the airline would be able to get the information they needed for my flight. This experience led me to investigate exactly what information is contained in the magnetic stripe found on the back of every credit card.

The structure of credit and debit cards that make purchasing everything from plane tickets to groceries so convenient is amazing when you think about it. The magnetic stripe is actually divided into three smaller stripes called “tracks.” These tracks, only 0.110′s  of an inch wide (2.79 mm), are encoded with the information needed for a card reader to allow a card holder to complete a transaction.

Because we are a global economy, the information contained in the magstripe of credit cards must conform to international standards. Afterall, I can fly to Canada or the Far East almost as easily as I can drive across the state in which I live, and I value the ease of being able to use a credit card to purchase souvenirs for my wife and kids without having to hassle with cash and exchange rates.

The standards for each of the three magnetic tracks were developed by different industries: Track one standards were developed by the airline industry; track two standards by the banking industry; and track three standards by the thrift/savings industry. For the most part, tracks one or two are the only tracks point of sale card readers are reading, and the only reason the card reader would read two tracks is for back up – in case one of the tracks has been damaged and is unreadable.

Tracks one and two store very similar information. Both tracks have “housekeeping” characters that indicate the beginning and ending of the sequence code as well as a character to indicate field separation. Both tracks one and two contain the primary account number, which usually (but not always) matches the number on the front of the card.  Both tracks also contain the expiration date of the card, possibly a country code,  and a three digit service code. This code communicates whether the card holder has international privileges or just national privileges, how the card issuer must be contacted for transaction approval, what service privileges the card holder has, and whether or not a PIN is required with those privileges. Service privileges might include the ability to purchase goods and services, to get a cash advance, or to use the card at an ATM. Both tracks one and two have a field for discretionary data, which can include such things as PIN Verification Value or Card Verification Code. Both tracks also have a longitudinal redundancy check, which is a code that verifies the input the card reader has scanned.

Minor differences between the information stored on track one and two include the fact that track one stores alphanumeric code and track two stores only numeric code. Because track one is the only track that allows alphabetical characters, it is the only track that contains the name of the card holder.

Track three is not currently used by any national bank card issuers. There is no standard for the data content and format. Although it doesn’t happen often, if a PIN is stored on a card, it will be found in track 3. Also found on track three can be a country code, currency units, amount authorized and other account restrictions, and possibly subsidiary account information. Some credit cards, those with a narrower magnetic stripe, do not even include track 3.

As I swiped my credit card at the kiosk, the card reader interpreted embedded code and communicated with the computer to verify the name on my reservation. Seconds later, the printer was delivering my boarding pass and baggage claim information. I was on my way. a It’s amazing to think that all because of a bunch of tiny iron-based magnetic particles on the back of my credit card, I could achieve like results standing at any kiosk at any airport in the world.

The CARD Act goes into effect today, February 22, 2010. This Act was established to protect credit card consumers and is monumental because it will change the way credit card companies do business. It entails the most significant changes ever to be made in credit card history.

What will the Act entail?

1. There will be new limits on rate increases.
2. It will prohibit credit card companies from ‘surprising’ consumers.
3. Credit card lenders will have to do a better job informing the consumer regarding interest rate increases and fee increases.
4. It will make it much more difficult for consumers under the age of 21 to qualify for a credit card.
5. Interest rates will not be allowed to undergo an increase until after the account has been open for at least 12 months.
6. Credit card companies will not be allowed to charge “over limit” fees unless the consumer specifically allows over limit charges.
7. Monthly credit card statements will have to undergo a face-lift. Each statement must contain detailed information, including a detailed pay-off plan. This plan will show you how long it will take to pay off the balance on your credit card by only making minimum payments.
8. If the interest rate is increased after one year, the new interest rate will only affect new charges. It will not affect the previous balance at all.

Congress is hopeful that the Act will place more power in the hands of consumers. Of course, credit card companies will still have access to a wealth of power. Lenders will seek other avenues for the amount of lost revenue provoked by the Act.

However, the Act is not a “saving grace” for credit card holders. Some credit card holders believe that all of their credit card problems will be solved by the bill. Many people need to realize that if you have gotten out of the habit of reading everything from your credit card company, the Act isn’t going to do much for you. You will be required to change your old habits and start reading every correspondence between you and your lender.

The CARD Act of 2009 is here to help the millions of credit card holders around the country. But, it isn’t here to save you from all of your credit card woes. Learn as much as you can and be sure to read everything that your credit card company sends you.

New credit card reform or the CARD Act of 2009, goes into effect on February 22, 2010. This legislation signed by President Obama, will serve to protect credit card consumers more than ever before and is the largest piece of legislation ever to be passed related specifically to credit cards.

But, how will it affect you if you are a college student?

In the past, credit card companies have aggressively marketed to college students, spending a great deal of marketing time and money towards students. Credit card companies target college students and convince them to get a credit card now…before they graduate. These companies often “sweetened” the deal with freebies and introductory 0% offers.

In the United States, the age of eighteen seems to be the magic number for young adults. It is the age at which teenagers officially become ‘adults.’ However, the CARD Act will add one more thing to the list of “can’t do’s” for young adults until they reach the age of 21. The new CARD Act will prohibit consumers under the age of 21 from obtaining a credit card.

Of course, there are a few exceptions. These exceptions are:

• If the consumer has a steady flow of income, they may be eligible to get a credit card.
• If the consumer has a responsible co-signer, they may be eligible to get a credit card.

Why?

Barbara Mikulski, a Senator from Maryland, says that the Act is in college students’ best interest. It is supposed to prohibit the old practices of credit card companies…to “weigh” students down with credit card debt before they even graduate.

The CARD Act will help protect college students from what is an ever-increasing amount of credit card debt. Rather than graduating with credit card debt, more college students will graduate with little or no credit history.

Here’s how you can work with the CARD Act to make sure that you can graduate with a credit history.

1. Get a job. It is possible to complete your college studies and have a job at the same time. Millions of students have done it and so can you; proving that you have adequate income to cover your credit card account.

2. Find a co-signer. Find a parent, guardian or spouse that is willing to co-sign with you. This gives you the opportunity to build your credit before you graduate.

It is extremely important for students to graduate with an established credit history. Having an established credit history or not can affect your ability to get a job, buy a home or car and even the rates you pay for insurance. The CARD Act has been established to help all consumers, so let it help you establish credit; even while finishing college.