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!
@Anonymous 1:32So 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.
"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.
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
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.
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?
WOW! so now the government is telling private credit card companies who they can
give money to???
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?
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.
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.
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
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
Aren't we fortunate to have a 'big brother' to control the lives of all the
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.
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.
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