An estimated 80-percent of college graduates leave school with an average credit card debt of about $3,000. U.S. Senator Herb Kohl (D-WI) says much of that debt is the result of predatory lenders taking advantage of uniformed students.
Kohl says credit companies have abused their powers in order to entice young people in to credit offers that are beyond their capacity to pay off. He points to interest rates that can quickly climb to as much as 30-percent and high credit limits that are completely unjustified.