Diary of a mother, Jayne, who is also author of Kids and Money: Giving Them the Savvy to Succeed Financially (Bloomberg Press), and her son, Ryan, who just turned 14. I will mostly discuss financial parenting issues, as they come up -- what works, what doesn't, what drives me crazy, what drives Ryan crazy, discussions with his friends, what I'm reading, people I meet as I give workshops, etc.
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This is where you stick random tidbits of information about yourself.
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Monday, November 15, 2004
Bill on the Hill
Did you know that Rep. Louise Slaughter (D-New York) and Rep. John J. Dunkin, Jr. (R-Tennessee) introduced legislation, "The College Student Credit Card Protection Act" to protect students and their families from large credit card debts? This bipartisan bill would protect students from credit card companies that target and take advantage of them. The bill would:
o limit credit lines to 20% of a student’s annual income without a co-signer;
o permit students to receive a starter credit card with a lower credit limit, allowing increases over time if prompt payments have been made;
o eliminate fine-print in credit card agreements and solicitations, where fees and penalties are hidden; and
o require parents to agree in writing to increases in credit card limits of cards which they have co-signed.
This bill would go a long way to preventing a lot predatory and abusive activities of credit card companies. You can help get this bill passed! Write to your representatives and tell them you want them to co-sponsor and support "The College Student Credit Card Protection Act." You can do this online at http://www.house.gov/writerep.
11:00 PM
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