A new debit card offered by the company Higher One has recently come under fire as college students have wracked up huge amounts of debt as a result of the hidden fees associated with their accounts, according to The Seattle PI.
Some of the fees that have been revealed include an outlawed practice for credit cards, in the form of a $19-a-month penalty charge to accounts that haven't been active in nine months or more.
Users are also being affected by a 50 cent charge each time they use a PIN number instead of a signature, something which students often have no control over.
The Higher One debit card has been affiliated with 675 colleges across the country and sometimes even doubles as a student's ID card, so every member of campus owns one by default. This has raised further questions regarding the policies governing the relationships between colleges and corporations, the news source reports.
Banks appear to be finding ways around the financial reform bill that was passed to protect consumers from surreptitious credit card practices.
Those who are looking for effective methods of debt management may start by keeping track of their expenses and creating a budget that helps reign in spending. MSNBC suggests using personal finances instead of credit cards to facilitate a debt-free lifestyle.