Credit card companies used to woo college students with tempting offers of credit and sweetened the deal with free T-shirts and other small perks. As a result, many college kids found themselves deep in credit card debt fast without the means of repaying it. The U.S. Credit CARD Act of 2009 put an end to the lure of easy credit. Banks could no longer issue cards to people under age twenty-one unless they could prove they had their own income or a cosigner. Today, issuers are much stingier about granting credit cards to all consumers, and Americans carry fewer cards than ever.

Credit cards are a factor when students graduate with an average of $35,000 in loan debt. Because they can't buy cars, rent homes, or purchase insurance, graduates with substantial debt see a bleak future for themselves. This worrisome trend is likely to continue, experts believe, because today's college students are already the most indebted graduates in history.

A local newspaper plans to run a self-help story about college students and credit cards. The editor asks you, a young part-time reporter, to prepare a memo with information that could be turned into an article. The article would focus on parents of students who are about to leave for college. What can parents do to help students avoid sinking deeply into credit card debt?

Your Task Using ABI/INFORM Complete, EBSCO, Factiva, or LexisNexis and the Web, locate basic information about student credit card options. In an e-mail or memo, discuss shared credit cards and other options. Your goal is to be informative, not to reach conclusions or make recommendations. Use one or more of the techniques discussed in this chapter to track your sources. Address your memo to Paula Parks, editor.