Senate Version Of Credit Card Bill Puts In Safeguards For College Students

With concern mounting over the amount of college students' credit card debt, the Senate is currently considering a bill to address this issue. 

Here is the summary from Reuters

"Senate bill - would ban issuing cards to anyone under 21 unless they show they can repay the credit extended or complete a certified financial literacy course."

CNN Money reports on the Senate bill:

"The Senate bill also prevents those under 21 from getting credit cards unless a parent or guardian backs them up or if they take a government-approved financial literacy test."

Without being specific, the CNN Money also noted that:

"Many Senate Republicans and a few Democrats have said they don't like the Senate's legislation, making passage unlikely without concessions. The sponsor, Sen. Chris Dodd, D-Conn., has said he's willing to consider some compromises."