College students have found a new way to bypass the new Credit CARD Act – people under 21 years old cannot get a credit card without an adult cosigning – by simply paying older students and graduates to cosign for them, reports The Takeaway.
Students are now having older friends or graduate students sign on to the credit cards, and reportedly businesses have even popped up offering cosigners at a cost. What these people and businesses fail to realize is if primary signature defaults on their credit card debt, the cosigner is just as financially responsible for paying off their debt.
