While a number of laws have been put in place in recent years that will prevent consumers under the age of 21 from obtaining new credit cards, many may still be able to obtain them, according to a report from Forbes Magazine. As a result, many parents and students are concerned about the damage caused by credit mismanagement.
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Consequently, an event scheduled for late August in New York City has been planned to create awareness of the potential problem, the report said. The program, known as “Music For Change: Students United for Credit Education,” is designed to promote the use of more personal finance courses in American colleges.
A recent report in TIME Magazine also outlined another problem some college students may have: their lack of credit history could be troublesome when they graduate. Often, credit is considered for everything from car loans to whether or not a consumer is able to rent an apartment, and for those who do not have some established, responsible payment history, it may be difficult to transition to financial independence.
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