Credit Card Crackdown

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New credit card rules went into affect this week, and one of the biggest changes is that credit card companies can no longer target college students.

Some say that's one of their biggest markets and some students say they have no business signing on the dotted line anyway.

College student Kristen Denney and her friends are studying up on chemistry before the weekend, but they've also been doing some homework on the new credit card law too.

The new law states that college students can no longer be targets and Kristen and her friends they say that's a good thing.

"I've had a lot of people, friends, family, get into trouble with credit cards," said Denney.

Some get into trouble because credit card companies offer free stuff, but you have to sign up first.

"I know some companies give like free gift baskets or free discounts," said Denney.

Terry Mills, from Consumer Credit Counseling, said “And they were giving college kids a fist full of credit cards and saying go have a good time, and like most of us we did have a good time, and they left us with an incredible credit card debt."

Mills says on average about $5,500, tapping into a huge market.

Ti Kauth said, "You have people with no credit, and aren't used to credit cards, so we're talking about a huge potential market they can attack."

It's something Ti Kauth says he thinks is wrong, that's why he shies away from them.

"People under 21 just don't know how to take care of credit cards,” said Kauth.

But not all students are as cautious.  Some experts say college students have found themselves in thousands of dollars worth of debt.

It's a subject Denney and her friends say they've done their homework on, and they're glad they did.

In some cases, someone under 21 can get a credit card, but Mills says they have to have the ability to pay.

He tells me credit cards aren't all bad.  Mills says you have to be careful, remember they're a tool and it's how you choose to use them that will or won't get you into trouble.