Congress aims to change credit card rules for people under 21

BY NIRVI SHAH
nshah@MiamiHerald.com

Laptops ready? Take notes: Congress wants it to be harder for the under-21 set to accrue a mountain of credit card debt.

A new federal law affects credit card holders -- and those who want cards -- of all ages. But because several provisions don't take effect until February, this could be the last semester of truly easy credit for many college students.

``I don't want to say credit cards are evil,'' said Cathy Pareto, a certified financial planner in Coral Gables. ``But targeting that demographic has long been an abusive practice. [Credit card companies] take advantage of the naïvete of teenagers.''

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