Richards Proposes Legislation on Credit Cards

Credit card companies may soon find they are not as welcome on college campuses as they used to be.

Kentucky House Speaker Jody Richards has proposed new legislation to protect college students from credit card debt. The new legislation would require credit card companies to register before soliciting consumers on college campuses and would bar them from free giveaways with each new sign-up.

It would also mandate a parent signature on credit card applications for every student under 21.

Richards says the average college student in Kentucky who has a credit card has $3500 of debt accumulated in credit. He also says half of the nation's $250 billion of credit card debt is due to college students.