stadelmancreditcardSPRINGFIELD – State Senator Steve Stadelman (D-Rockford) passed a proposal in the Illinois Senate to seek solutions for skyrocketing credit card debt faced by college students.

While credit cards can be useful for students to purchase school supplies and pay for tuition, students run the risk of running up significant balances that take years to pay down. According to the U.S. Department of Education’s National Center for Education Statistics, in 2016 41 percent of students graduated with credit card debt averaging $3,000.

“Credit cards can be a useful tool for students to pay for necessary items and start building a credit history,” Stadelman said. “Unfortunately, too many students are unaware of the financial pitfalls of using credit cards irresponsibly.”

Stadelman’s proposal, House Bill 4710, creates the College Student Credit Card Marketing and Debt Task Force. The task force will be composed of representatives from credit unions, banks and state universities. The issues it will study include how credit cards are marketed to students, students’ payment history and several other related issues.

Stadelman’s proposal passed the Illinois Senate with a vote of 54-0. It has now passed both chambers of the Illinois General Assembly.

Category: Press Releases

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Contact Info

Springfield Office:
Senator 34th District
121A Capitol Building
Springfield, IL 62706
(217) 782-8022
 
District Office:
200 S. Wyman St.
Rockford, IL 61101
(815) 987-7557
(815) 987-7529 FAX