Many lawmakers say that credit-card companies prey on the financial inexperience of young people.
And, the report notes, about 40 percent of students do not pay off their credit cards each month. A bill currently in Congress would limit credit to 20 percent of a student's annual income without a cosigner and would require parents who cosign for the credit card to agree in writing in order for credit limits to be increased. Representatives of the credit-card industry argued that restrictions weren't necessary.