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As described in The Busy Family's Guide to Money, by USA TODAY writers and financial experts Sandra Block, Kathy Chu, and John Waggoner, many a college student has destroyed his or her credit record even before graduation by taking advantage of easy-to-get credit cards -- and then failing to make payments.
Luckily for the parents of the world, that headache will soon be lifted a bit. In her article, "Credit card reform swipes easy plastic from college students," Sandra Block details recent legislation restricting numerous credit card practices, including that of issuing credit to people under 21 unless they've either proven their ability to make payments or gotten a cosignature from Mom, Dad, or a legal guardian.