How would you argue that government intervention in the credit card market is not in the best interest of consumers generally and college students in particular?
College students are burying themselves in debt. As of 2013, student loan debt (about $ 1 trillion) exceeded the total amount owed by all Americans on their credit cards.29 Student credit card use, on the other hand, declined to 35 percent in 2012 from 42 percent in 2010.30 That decline apparently was partially attributable to the 2009 federal Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act). Among other things, CARD forbids lenders from issuing credit cards to those under age 21 without a parent as cosigner or without proof the applicant can make payments. Many colleges and universities that have allowed credit marketing on campus have profited handsomely from deals with card companies. While federal rules have significantly curbed campus credit card marketing, about 900 colleges maintain card partnerships with banks, and other commercial relationships are common.31 For example, Ohio State University, while not allowing credit card marketing to students, reportedly receives $ 25 million from Huntington Bank in return for allowing branches and ATMs on campus. The deal allows Huntington the exclusive opportunity to directly tailor products and services to more than 600,000 students, faculty, staff, and alumni.32