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Students want fair credit
Survey illuminates pitfalls of card marketing techniques
By: Jim Myers
Issue date: 3/28/08 Section: News
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According to the results of a survey involving over 1,500 students at 40 colleges across the nation, most students said they support the idea that credit card companies should be forced to practice fair marketing principles when advertising to students on college campuses.
The United States Public Interest Research Group Education Fund, a nonprofit public advocacy organization, conducted the survey.
The survey took place between October 2007 and February 2008, and involved schools from 14 states, including the UA.
"Our mission is to ensure that credit card companies' methods are fair and transparent," said Neal Denardi, a leader of the Arizona PIRG student chapter and a political science junior. "Campus credit card marketing is simply out-of-control."
The survey found that 74 percent of students thought only cards with fair terms and conditions should be marketed on campus. The survey also found that 67 percent of students were opposed to the sale or sharing of student lists that included addresses, cell phone numbers and e-mail addresses to credit card companies.
The survey is part of an ongoing "Truth About Credit" campaign that aims to educate students about the risks of credit card debt and push for companies to use fair marketing practices.
According to the PIRG, the survey said that one of the main lures companies use is offering students free gifts in exchange for signing up for a card.
The survey found that the most common gifts were T-shirts or food items such as free pizza or sandwiches. Seventy-six percent of students surveyed said they stopped at a table or booth that displayed free items as promotional incentives.
"I know people who have done that," said Alex Delaney, a pre-medicine sophomore. "I've filled out stuff myself to get a free T-shirt, but I just wrote down false information on the forms so they couldn't send me anything."
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Viewing Comments 1 - 4 of 4
John Gillette
posted 3/30/08 @ 8:52 PM PST
I really don't see how one can say the credit card companies are unfair. It is common knowledge that you will get in trouble for spending money you don't have. (Continued…)
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posted 5/27/08 @ 2:43 AM PST
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posted 9/17/08 @ 3:16 AM PST
There are several new regulations be considered by the Federal Reserve and others that will likely go into effect next year. Two bills have also been introduced in Congress designed, in part, to protect college student from unfair marketing practices. (Continued…)
credit card
posted 9/30/08 @ 8:14 AM PST
have to agree that this definetly needs to be regulated, lack of financial education is out of control as all the financial service companies just take advantage of people
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