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Old 05-21-2009, 09:08 AM
 
25,361 posts, read 37,563,042 times
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It's an end of an era for the thousands of college students who rely on MasterCard or Visa to get them through tight times.

Under a new law awaiting President Barack Obama's signature, credit card companies will be prohibited from giving cards to people under 21 unless they can prove they have the means to repay the debt or a parent or guardian co-signs for the loan.

Credit reform means new era for college students
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Old 05-21-2009, 11:17 AM
 
68 posts, read 97,407 times
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Just another way Obama and the liberal Congress are stripping away people's rights.
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Old 05-21-2009, 12:19 PM
 
809 posts, read 3,121,938 times
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I actually think this is a good thing. A lot of college kids get sucked in and spend the next 10+ years of their life paying for it.

Though, I'd rather see them just limit the amount of approved credit to a small amount.
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Old 05-21-2009, 12:25 PM
 
Location: Portland, Oregon
7,091 posts, read 10,500,098 times
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Good, then you don't have so many college students coming out of college with a nice big high interest debt not only that they can't pay, usually along with their low interest student loans, but a pretty viscous surprise to their parents trying to give them a good start in life. I've known a number of people who got a few and then racked it up without their parents knowledge, one person over $20k, that that parents paid off because the kids couldn't.
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Old 05-21-2009, 01:29 PM
 
22,770 posts, read 25,234,942 times
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This should put a hurting on college bars.
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Old 05-21-2009, 02:24 PM
 
Location: Kansas
3,855 posts, read 11,478,029 times
Reputation: 1706
Quote:
Originally Posted by AlexTx View Post
I actually think this is a good thing. A lot of college kids get sucked in and spend the next 10+ years of their life paying for it.

Though, I'd rather see them just limit the amount of approved credit to a small amount.
Exactly.

You can't hand a credit card to a kid fresh out of HS...half the time they'll lose their minds and go out and buy iPods, stereo equipment, and go out to eat every meal with it....and then realize they don't have the income to pay it off...or even have a firm understanding of what the terms are.

When I hadn't even made it out of HS I had CC companies sending me apps. OK that makes absolutely no sense at all. I had ZERO income. Yeah...that's good thinking on their part, huh?

Thankfully I lived my college years without a credit card...
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Old 05-21-2009, 02:35 PM
 
Location: Rockland County New York
2,984 posts, read 5,128,388 times
Reputation: 1285
Quote:
Originally Posted by bentlebee View Post
It's an end of an era for the thousands of college students who rely on MasterCard or Visa to get them through tight times.

Under a new law awaiting President Barack Obama's signature, credit card companies will be prohibited from giving cards to people under 21 unless they can prove they have the means to repay the debt or a parent or guardian co-signs for the loan.

Credit reform means new era for college students
What took these government fools so long to enact such a law?
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Old 05-21-2009, 09:44 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,994,454 times
Reputation: 4304
Yeah this is pretty good, but really its just a return to how things use to be. I'm not sure if it was really necessary.

When I was an undergrad I had to get my dad to co-sign for a credit card. It had a $1,000 limit.
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Old 05-21-2009, 09:57 PM
 
3,460 posts, read 4,798,608 times
Reputation: 6677
At least they can still qualify for a draft card...
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Old 05-21-2009, 10:03 PM
 
Location: Rockland County New York
2,984 posts, read 5,128,388 times
Reputation: 1285
Quote:
Originally Posted by sterlinggirl View Post
At least they can still qualify for a draft card...
If called I would never go and I'll be dammed to let them take my sons. My family uncles who came back from the Vietnam War taught us that we should never trust the government with our lives.
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