A credit card, used wisely - without building a big unpaid balance - is a good way for a young person to establish a credit record, but also an easy way to destroy one's credit rating if used carelessly.

Companies target college students with low introductory rates and other gimmicks, from free t-shirts to free sandwiches, to sign up - fully aware that the students have little or no income and are likely to carry balances from month to month, providing the companies with a steady stream of interest revenue.

We commend State Treasurer Alexi Giannoulias, state Sen. Donne Trotter and state Rep. Kevin Joyce for teaming up on legislation that would address the problem.

Giannoulias announced the initiative during a recent visit to Illinois State University.

The legislation, to be introduced in January, would prohibit colleges, foundations and alumni association from selling or transferring students names and personal information to credit card lenders and call on colleges and their affiliates to disclose marketing agreements with banks that target students.

The bill also would ban credit card issuers from offering gifts when marketing credit cards on campus, something some individual schools already ban. Illinois State University prohibits credit card vendors from marketing on campus.

The ISU Foundation has an agreement on behalf of the Alumni Association with the Bank of America for marketing an affinity card. Bank of America received "telephone book" information, but under the agreement, Bank of America can only market its card to students age 21 and older and alumni.

The legislation touted by Giannoulias would call on all colleges and their affiliates, such as foundations, to disclose such agreements.

The proposal also would require schools that allow marketing of credit cards to undergrads to provide financial literacy education to freshman. Such training is a good idea regardless of whether schools permit credit cards to be marketed to their students.

Students should be getting such training in high school. But even if they do, the message probably doesn't hit home until the students receive their first credit card offer - especially when many expenses crop up at the beginning of a school year.

ISU includes information on money management and responsible spending habits in its orientation programs and provides financial counseling through its Student Counseling Center.

We would encourage all schools to do that - and encourage parents to regularly discuss financial matters with their children when they go off to college.