April 13,2009
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News: Senator Kohl (Wis) Speaks Out on CC Reform.
Sen. Herb Kohl (D-Wis) is joining the hoards of congressmen who are all so frustrated with the injustices being imposed on out nation's credit card consumers by the industry. He is addressing the populace about his support for Senator Dodd's "Credit Card Accountability Responsibility and Disclosure Act of 2009. The bill would curtail the most severe abusive credit card practices running so rampant today. It would also enhance consumer disclosures for the protection of under-age credit card consumers.
Speaking at the U. of Wisconsin at Eau Claire, last Tuesday, he shared his concerns that younger people like most of those in the crowd, were just getting started out in the real world. Most would be completely unaware of the dangers they would face by being too trusting to the wiles of the treacherous tactics being employed by some of the credit card lenders on our campuses. Things can happen very quickly, he warned them. The statistics show that, in the year 2004, over three quarters of the undergrads were using credit cards. Looking at the median age of 18 to 19 years, 65% of them couldn't even pass a financial literacy test. That's scary.
Senator Kohl is traveling around to various college campuses across Wisconsin trying to raise awareness of the dangers. He is heavily promoting Sen. Dodd's bill because of the protections it provides for our youth. Sen. Kohl especially supports the part where, before a young person is allowed a credit card, they will need to complete a financial literacy training session. These sessions could be taught on college campuses around the country.
He also praised the part about how students would have to prove they could manage credit (or else have a co-signer who could) before they could get a credit card. Something must be done to educate students of "how quickly you can get in over your head," he concludes with.