Young Consumer Protection in the “Millennial” Age

While many college-aged consumers may not be experiencing the detrimental consequences that can be associated with credit card debt, a significant number of them are. Several psychological and social factors may influence the thoughts and behaviors of those young consumers who find themselves at risk of experiencing indebtedness problems. Lawmakers did not fully consider and account for the possible influence of such factors when crafting the Act’s young consumer provisions. As the current CARD Act is not likely to significantly decrease the number of financially at risk college-aged cardholders or the amount of debt they incur, lawmakers should endeavor to provide greater and more beneficial protections for young consumers.