Your Money

By Daniel Eisenberg

TOO MUCH COLLEGE CREDIT?

College students are suckers for free stuff, and many are collecting extra credit cards and heavier debts as a result. According to a U.S. Public Interest Research Group survey out last week, students who sign up for cards at campus tables in return for "gifts" typically carry higher unpaid balances than do other students. (Visa says students generally pay bills faster than cardholders.)

BEWARE OF PHONE SLAMS

What could possibly be worse than the incessant solicitations to change long-distance providers? Having service switched without your permission, of course, or discovering charges for 900-number psychic hot lines you never called. These phone scams, known as slamming and cramming, are on the rise, and last week the FCC proposed guidelines to help stamp them out. Phone bills would have to be divided into existing and new charges, which would be spelled out in plain English. Until these new rules are enacted, you can file complaints at 888-225-5322.

THE HIGH PRICE OF IPOS

Amid Wall Street's woes, the red-hot IPO market is cooling down--and not a moment too soon for investors. Most bets on public offerings turn out to be losers, according to a new study. Almost half the firms that went public in the past decade now trade below their offering price, and median annual returns lag those of stocks in the Russell 2000 index of small-cap stocks.

--By Daniel Eisenberg