llinois State Treasurer Alexi Giannoulias and the University of Illinois Student Senate held a “counter marketing” event Wednesday at the Illini Union in an effort to solicit college students to sign a petition in support of responsible credit card marketing. The Student Senate invited Giannoulias to campus after learning the Treasurer proposed legislation that would restrict marketing by credit card companies on all Illinois campuses.

“Our legislation will make any free gifts illegal on campus,” said Illinois State Treasurer Alexi Giannoulias.”This is an important issue, which is why we’re here.”

A U.S. Public Interest Research Group report published in March of 2008 found that nearly two thirds of college undergrads have a credit card. In addition, seniors reported credit card debt averaging $2,623, more than two times the average debt of $1,301 reported by freshman.

In the same PIRG survey, students reported that outside these on-campus solicitations they received an average of five credit card offers through the mail each month.

“The reason why we’re here is because since freshman year credit card companies tend to solicit students to sign up for credit cards by offering incentives,” said Vikram Chaudhery, vice president-external of the student body. “Just because it isn’t illegal doesn’t mean it is a policy that shouldn’t be changed.”

During this event, student activists encouraged college students to sign a petition in support of responsible credit card marketing. The counter marketers distributed booklets titled A Consumer’s Guide to Credit Cards that warned students about hidden fees.

“Students are not irresponsible but they may be na’ve about the extent of the consequences when signing up for credit cards on campus,” said Chaudhery. “The best time to enact these policies is while we are creating awareness on campus.”

The booklets also addressed issues such as low ‘teaser rates’, product rewards and discounts as well as ‘freebies’ on campus that credit card companies usually promote on college campuses. They warned students of penalty fees, over the limit fees, and sky-high interest rates and other hidden stipulations that usually included in the credit cards terms and conditions.

“I came to meet the State Treasurer Alexi Giannoulias and hear what he had to say,” said Michael Ori, senior in LAS. “Because our economy got to the state it’s in by spending more than we had, I think this is a very important issue to address on campus.”

In an effort to avoid being stuck with credit card debt the booklets also suggested shopping around before getting a credit card, using credit cards sparingly, paying off balances in full each month, making your payments as early as possible, calling your credit card company and asking for a lower interest rate and filing complaints to your Attorney General’s office if you feel you are the victim of unfair practices by the credit card companies.

Giannoulias stressed this new legislation would not prohibit students from applying for credit cards or building good credit.