I remember walking by a table in the student union of my college which offered free T-shirts and coupons if I simply signed up for a Gulf Credit Card. It was a no brainer! Not on my part, but on the part of the predatory credit companies that targeted most of us into the 'charge it' frame of mind.

It didn't take long for the debt to mount. Charge the $10 pizza on the card and pay only the minimum each month! That's easy! Only, by the time I finally paid off the balance, that pizza cost me $75! That's a lot of pepperoni!

Now, according to U.S. News & World Report, as a result of the Credit Card Accountability Responsibility and Disclosure Act of 2009, the on-campus credit card marketing has almost disappeared.

I am glad to see the credit and lending laws are working, because college kids have always been an easy target for credit card companies. They know a student will make a lot more purchases using the credit card and only paying the bare minimum of the balance, leading to a lifetime of credit card debt.