Jess Barranco (Whetstone staff writer)

Getting a credit card is harder now for college students.

In May 2009, the Federal Credit Card Accountability, Responsibility and Disclosure Act was passed.

To get a new credit card, the law requires that one must be 21, have a steady income, or have a cosigner.

Before, the average graduating senior had an average credit card debt of more than $4,100 – not including student loans, according to a study conducted by Nellie Mae, a group in the Sallie Mae student loan company.

Seventy-eight percent of college students have at least one credit card, and 32 percent of students have at least four credit cards.

The average student loan debt for college graduates is $21,700, and 10 percent of students end college with $7,000 in credit card debt.

A purpose of the new law is to cut down on the amount of debt that college students gain.

“I don’t think college students should get credit cards,” said sophomore Mike Mango, an exercise science major. “People who are under 21, and are not students, can if they have a steady employment.”

Sophomore Megan Varga already has a credit card even though she is not 21.

“Discover sent me the information,” she said. “It’s a student thing, where you get no APR for the first year.”

Even though the new law would have not allowed Varga to get her card, she still thinks the new law is a good idea.

“It gives options,” she said. “If you don’t have a steady income and no cosigner, then you will just get yourself in trouble.”

She believes with credit cards comes responsibility, which is a good thing for students.

“If I had one, I would only buy big things and books, but most people at 21 would be tempted to buy a house,” Mango said.

With credit cards, there is a monthly minimum payment and interest rates. There are also late fees if the full minimum payment is not received on time.