ConsumerLoanWire.com

A new charge card designed for teens is effectively turning an American Express card into a family charge card.

In the 1990s fewer than 10 percent of college kids had credit cards. Today, that figure tops 70 percent, a staggering rise that led directly to revisions in Congress’ credit card legislation targeting college-aged students.

While much has been made of Congress’ recent action to limit credit card fees, particular fallout is that credit for college students will likely be more difficult to obtain.