September 14, 2009
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Students Fall Prey and Get Help, Pt.2
Accommodating the busy scheduleThe Institute of Consumer Financial Education (ICFE) is offering a new credit card certification course aimed at college students and individuals under the age of 21. The ICFE is a nonprofit organization that is not only committed to assisting college students, but is also dedicated to helping individuals of all ages. The organization's new course is aimed at helping those individuals that will be affected by the new federal credit card regulations that will become effective in February 2010. The program called Credit When Credit Is Due, has received nationwide recognition and is highly recommend by professionals including credit counselors, credit card companies, and credit reporting bureaus. The course is being made available online to meet the busy schedules and needs of these active individuals.
Major elements of the new law include limiting credit card companies from issuing cards to any individual under the age of 21 who cannot demonstrate the ability to repay the debt or have a co-signer. Co-signers, who are typically parents, will also need to approve any credit limit increases. The law will also limit marketing on campuses which in most cases will eliminate any credit card marketing associated with any university or college campus. There are, however, several states that have enacted their own regulations and in some cases will have greater restrictions than those of the Federal government.
According to the ICFE, the Credit When Credit Is Due courses “is designed to help individuals gain a better knowledge of money issues and responsibilities revolving around the world of credit.” The course is aimed at young people who will be seeking credit and credit card accounts for the first time and student's co-signers/parents. The Institute of Consumer Financial Education offers the course in two formats; as a textbook for individual self-study anywhere for $55.00 or as an online course which requires access to a computer at a cost of $40.00. Each can be purchased online at the ICFE website at www.financial-education-icfe.org/.