Starting next month, college students under the age of 21 will find it harder to apply for credit cards, according to FiLife.

The Credit Card Accountability Responsibility and Disclosure Act, requires minors to have a parent or adult present to apply for a credit card.

The new law is meant to teach freshman financial responsibility while they're in college, a course not often offered among various majors.  Besides moving into a dorm and experiencing what college life has to offer, giving freshman credit cards can be risky business.

Although parents may stress that a credit card can only be used to purchase books for class, educational and living costs, many students use it for other things. 

The Act is also meant to keep students out of debt while they're in college.  Semester costs and bills for other things do add up.

Credit Card Accountability Responsibility and Disclosure Act goes into effect on February 22, 2010.   

Read the full article at FiLife by clicking here.