Finally, the U.S. government appears to actually be helping college students prevent debt crisis instead of just letting it happen (or even encouraging it in some cases). Rep. Carolyn Maloney spearheaded a bill to prevent credit card companies from unethical practices that target college students. (You knew such progressive legislation had to come from a rep in either California or New York!)

As chair of the Subcommittee on Financial Institutions and Consumer Credit, Maloney oversees financial regulators (including the Federal Reserve) and all matters pertaining to consumer credit. And it’s a good thing we have someone who gives a darn in that position because we all know what a crisis we’re in these days.

Basically, Maloney wants Congress to say that credit card companies should not target college students because they are one of the most vulnerable and ill equipped population to lure into debt. If you remember those deals where you get a free laptop for financing a new car if you’re a current student, you get the drift. Basically, students are easy targets because they are living away from home for the first time, usually more impulsive buyers, and they don’t have a lot of up-front cash. So getting something immediately that you don’t have to pay for until graduation seems like the perfect deal.

Sure, $25 a month towards a credit card bill seems reasonable. But, the larger your balance and the less you pay off per month, typically, the higher the monthly payment grows. And when you don’t get that dream job the day after graduation, you could be stuck with student loans as well as high credit card payments. And it’s no fun trying to get ahead financially when you can’t pay off the debt you’ve racked up for the prior four years.

Hang in there, and shop smart.