The College Credit Card Trap

Today's New York Times comments that colleges need to reform their credit card practices - "to only do business with credit card companies that steer clear of commonly used but unscrupulous credit card terms that take advantage of students. That means an end to hidden fees or unreasonable penalties, including universal default, under which interest rates go up when the customer fails to pay a bill not related to the credit card account."

The Times editorial was motivated by a study done earlier this year by the US Public Interest Research Group.