By Brad Palmer
Carbondale, IL – State Treasurer Alexi Giannoulias visited the Southern Illinois University Carbondale campus today (Thurs) to talk about credit card reform for college students.
Giannoulias is pushing legislation in the Illinois General Assembly to crack down on credit card companies that prey on college students by prohibiting on-campus marketing and restricting access to student contact information.
The legislation also makes any marketing contracts between a credit card company and a school or alumni association public, so everyone can see how much money they are making off of students' debt.
Giannoulias says schools that have contracts with credit card companies should also establish financial literacy programs for students. Giannoulias says the legislation does not prohibit students from applying for credit cards. He says when used correctly, credit cards are the key to building a healthy credit history.
Giannoulias says he has high hopes the bill will pass during the current legislative session.
