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Proposed N.Y. Bill to Protect Students From Predatory Lenders

Sing Tao Daily, Posted: Jul 14, 2009

NEW YORK A bill to protect young people credit history through prohibiting aggressive credit card marketing to college students will soon be introduced by New York City Council, reports the Sing Tao Daily. A recent survey conducted by college lending company Sallie Mae shows that 84 percent of undergraduates own at least one credit card, and 21 percent undergraduates have $3,000 to $7,000 in credit card debt. If the bill passes, marketing activities on college campuses, such as tabling promotional booth, posting advertisements on school publications, or offering free gifts to credit card applicants would be illegal.



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