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21/09/2009 -
With the credit card reforms in the United States implementing measures that make it harder for college students to get credit cards, Canadian banks may be following suit and protecting the financial health of the country's university students.The Globe and Mail reported that some banks are tightening their lending to college students, who have in recent years become an important demographic for credit card use.
The newspaper cited a Statistics Canada report which found that one in three students have and use a credit card, while 23 percent of students between the ages of 20 and 21 have at least two credit cards.
Experts are saying that the recessionary climate has made it more likely for students to overspend on their credit cards, making financial guidance and lending restrictions more necessary.
"It's an issue when it comes to just explaining to students that they shouldn't put everything on their credit card," Arati Sharma, national director of the Canadian Alliance of Student Associations, told the Globe and Mail. "And that's what we're seeing right now with the economic recession."
As the recession leads more students to take out credit cards and use them for spending, credit card processing becomes even more important for businesses, especially ones that are located in university towns, experts say.
