Legislation passed overwhelmingly in the Senate May 19 would make it tougher for college students to sign up for credit cards, which often put young people in debt and subject them to high interest rates before they graduate and start in the workforce.

The bill--which also curbs credit card issuers' ability to raise interest rates and card holder fees--passed the Senate 90-5, and the House is expected to vote on the legislation later this week. President Obama could sign the bill before Memorial Day, and the law would take effect early in 2010.

People under 21 would have to have parental permission...

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