Text Size
Login
config

Stadelman passes measure combatting student credit card debt

creditcards 032919SPRINGFIELD – Key stakeholders will seek solutions for skyrocketing credit card debt faced by college students under legislation passed by State Senator Steve Stadelman (D-Rockford).

House Bill 1581 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 and will study how credit cards are marketed to students, students’ payment history and several other related issues.

“Credit cards can be a useful way for students to build a credit history if they are responsible,” Stadelman said. “Unfortunately, too many students are unaware of the interest rates they have signed up to pay and find themselves clawing their way out of debt.”

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.

Stadelman’s proposal passed the Illinois Senate unanimously and now waits for the governor’s approval.

Sen. Steve Stadelman

stadelman2014hs

34th Legislative District

Years served: 2013 - Present

Committee assignments: Financial Institutions; Higher Education; Public Health; Revenue; Telecommunications & InfoTechnology (Chairperson); Transportation.

Biography: Earned a bachelor's degree in journalism from the University of Wisconsin-Madison. Worked as a news anchor/reporter for WTVO-Channel 17 for 25 years, In 2003, his coverage of the state's death penalty earned him an Associated Press award for Best Documentary.

Associated Representatives:
John M. Cabello
Maurice A. West II