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Books and Publishing News
'Dear Graduate' Book Author Urges Parental Vigilance in
Advance of New Federal Credit Card Rules
Edited by Carly Zander
Wed, 16 Sep 2009, 13:47:53 EDT
PALM BEACH GARDENS, Fla., Sept. 16 (SEND2PRESS NEWSWIRE) -- The federal
government is clamping down on the Wild West of credit card issuing to young adults when
tough new regulations go into effect in February 2010, and Brett Handler couldn't be
happier. Handler, author of "Dear Graduate" (ISBN-13: 978-0-615-29936-5, Dreamstar
Publishing), the innovative new book and CD for young adults about financial responsibility,
has been railing against credit card companies' injudicious card issuing practices for years.
Credit card issuers have consistently trolled campuses, handing out gifts to students who fill
out credit card applications and issuing them cards even though they have no income.
When students miss a payment they are sometimes charged exorbitant interest rates that
can be as high as 35 percent and leave students drowning in debt, according to
"These practices are going to continue right up until next February when card issuers have to make sure the cards are co-
signed or the under-21 person can prove ability to pay," warned Handler. "This means that until then your kids are at risk, and
now is the time to educate them."
In "Dear Graduate," which was released in May 2009, Handler explains to uninformed students (and in many cases, their
uniformed parents), in no-nonsense terms, the perils of easy credit, and offers suggestions for responsible use.
"A survey by Sallie Mae found that more than half of college students accumulate at least $5,000 in credit card debt while in
school, and a third of them have debt in excess of $10,000," noted Handler, a Junior Achievement mentor in personal finance
in Palm Beach County, Florida. "Shockingly, university officials say they lose more students to credit card debt than to