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Comments about ‘Credit reform means new era for college students’

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Published: Thursday, May 21 2009 2:30 a.m. MDT

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Spoiled

Is this a sign of irresponsible kids that "voted" for Obama? Maybe I should be applauding Obama for taking action on kids that have no clue how to live within their means!!!

Kudo's

The best consumer law in 30 years and long overdue.

This will put a lot of pressure on the parents and hopefully they think long and hard about becoming the responsible party. It can be another devastating cost to families struggling with the economy if they take on this debt. Commercials will smooth their ads to entice parents to sign on the dotted lines and make them feel guilty if they don't.

Students and the young must be accountable for their financial status and not put their problems on parents. If a student can't qualify or get a credit card on their own then they have no business having one. Students can always resort to a checking and debit account and learn to live within their resources and be financially responsible. They also won't be graduating with this debt hanging over their heads.

These companies put america in this economic mess and should take some of the responsibilities with it. This change also means credit score can't be used monthly to add fees and interest. Instead of losing, business will be better as consumers will be more willing to use a card.

Parent of Multiple Students

Hallelujah!

Anonymous

The banks/credit card industry are blood sucking vultures. I know, I worked at a high level in the industry. Legislation should go further in protecting the consumers. Credit unions used to be good guys, but most of them, too, have gone to the darks side.

Dave

Aren't we fortunate to have a 'big brother' to control the lives of all the idiots.

Surety = Co-Signing

For those of you out there that want to co-sign for someone, I hope these scriptures will help you re-think this:

Prov. 11:15
15 He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure.

Prov. 17:18
18 A man void of understanding striketh hands, and becometh surety in the presence of his friend.

Prov. 22:26
26 Be not thou one of them that strike hands, or of them that are sureties for debts.

Also:

Prov. 22:7
7 The rich ruleth over the poor, and the borrower is servant to the lender.

I love Proverbs, it has already answered all the problems that we are trying to solve today.

One more freedom...

Gone. Now we are no longer free to enter debt. The government protects us from just about everything now. High morgtages, gas prices, health issues, neo-cons, everything. Except the fact that credit will be a thing of the past in that no one would pay fees on a card they pay off every month when a debit card will do. High interest rates are going to help as well to stem right thinking people from credit cards. Oh, but that was the plan all along, wasn't it- to make those of us who are responsible come up with new ways to take care of our needs .... as we take care of everyone else.

And anon- are you saying credit unions are racist?

BGomer

I am a college student, I have multiple credit cards, none of them have outstanding balances, I earn great rewards using them, and they are building my credit.

Glad to know responsible people who use them wisely will not be able to anymore because of the people who are not responsible.

This is ridiculous, its not protecting us, its handicapping us. People have to learn to be responsible with their finances it can't be forced on them. Now when they graduate and get a job they will "qualify" for higher spending limits and just end up further in debt because they never learned.

Smart plan.

How about parents teach their kids to be smart financially, instead of limiting their opportunity. The problem is the parents typically aren't any better.

This is a just skimming the surface on bigger problems, it won't fix anything.

Raise the voting age, too

If you can't trust an 18 year old to handle his or her own credit card, why give them an even more dangerous tool, that of being able to vote? Take that away, too. Please.

The nanny state + a public school system worried about self-esteem + coddling parents = teenagers and twenty-somethings who never become adults.

Congratulations to the hippies and radicals of the 1960's. You got what you asked for.

Living in Utah

Way to put a negitive spin on a postive thing guys. Didn't somewhere someone say going into debt is at least a bad thing, if not evil. It ok to put an age limit on drinking and sex becuase they could result in wrecking a life, but a bad thing to put an age limit on credit? Why?

James

WOW! so now the government is telling private credit card companies who they can give money to???

itsjustme

I was under the impression that when you were 18, you were old enough to enter into a contract without mom or dad having to co-sign. Will these 18-20 year-old adults be able to rent an apartment or buy a house?

Do our elected representatives think young adults are so stupid that they need this new law? Or are a few bad apples in the basket ruining it for everyone else?

Anonymous

the government debt and spending is swirling out of control BUT they don't want you to do the same thing...in other words...do as I say, not as I do.

Irony

There was a day that becoming a college student was considered the day you accept and take on new responsibilities as you prepare to live as an adult. I just think it's ironic that this bill will hurt most those who voted for this president...

Anonymous

"Glad to know responsible people who use them wisely will not be able to anymore because of the people who are not responsible." You should take a course in reading comprehension. The requirement is merely to prove you can pay for the credit. Your record of payment, shows you can.

Nice dig.

BGomer

@Anonymous 1:32

So tell me, if I couldn't get the card in the first place how is my record of payment going to prove I can get the card? Wouldn't I need someone to give me a card first in order to prove I can repay it?

I am not worried about them taking my cards from me, but depriving others like me of the opportunity in the future.

Jules

I am happy that my college students children and high schoolers will no longer be bombarded by credit card companies at their colleges! $4,100 in credit card debt is too much, let alone the $$$ in student loans they rack up. I opted out of credit card offers for my children when they were about 15! They started to get offers at that young age. Just crazy! I'm happy Utah is offering Financial Literacy courses for Seniors in High School that started in 2008 (thanks legislature). I have a daughter who is 24, college junior, $35,000 in debt on student loans, who has a $4,900 balance on credit cards. She just told me and I am SICK about it! How will she ever dig herself out of this hole? How did a college student who made $5,400 last year ever qualify for a credit card with a $5,000 limit? The credit card companies have taken advantage of the young inexperienced consumer for too long! I'm glad these new restrictions are in place! I wish they went farther. Our nation is in too much debt!

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