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You an undergraduate? Didn't you say those who went to college did so because they were expecting a meal ticket but it just fine and dandy that you Mr. Arrogant Hypocrite went just the same?
I said "When I was an undergrad", that is past tense. I got the credit card in question in the 90's, before the big expansion in consumer credit.
My comment about the meal tickets was a comment about a particular cohort. Of course not everyone thinks in this way, but gen-X and gen-Y tend to think of college degrees in this fashion. They were greatly mistaken.
I really don't know in what way I'm being a hypocrite.
My thing is this, the government are taking away our rights left and right. So now 18 y/o's can't get credit card, can't drink, but here's a rifle go fight for our country.
I will never understand the audacity of people that say 18 y/o's aren't responsible enough to make a choice of drinking or spending money, but they can vote, and fight and die for our liberty!
What ever happened to letting individuals make their own mistakes and then having to deal with the consequences of those mistakes? Oh, and don't bring up the fact that an 18 y/o can drive drunk and kill somebody, because a 40 y/o can do and does do that as well. So then we should just take away everyone's right to do anything, because obviously government knows what is best for all of us.
We live in a country where if the majority of the country screws up (or at least a group of powerful voting blocs), the rules can be suspended, and we "socialize" their mistakes.
In light of this reality, it does make sense to protect people from their own ignorance or stupidity, sometimes, to some degree.
People say that this is taking away peoples' rights. What are you talking about? Since when does anyone have a right to borrow money with no strings attached?
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.
According to your logic, we should ban EVERYONE in America from owning a credit card.
This **** is just ludicrous. Being 18 doesn't seem to make you autonomous anymore. Laws like these are making an entire generation way too dependent on their parents whether they want to be or not. The so-called 20-something children living with their parents. And, why stop the proof of income at under 21? Shouldn't this be a requirement for EVERYONE?! I've got news: it wasn't the college students (who usually won't qualify for more than a $600 credit limit initially) who caused the toppling of credit markets around the world. Nope, that was their older "wiser" parents who bought $700K homes without the income.
At least they can still qualify for a draft card...
good point! it seems like a ridiculous law because it is age discriminatory. there are older people who cannot handle credit and should not have a credit card and there are responsible younger people who pay their debts. who is to say that this issue should be age related?
maybe the credit card companies need to work a little harder at deciding who gets the credit and how much credit they will allow.
In light of this reality, it does make sense to protect people from their own ignorance or stupidity, sometimes, to some degree.
People say that this is taking away peoples' rights. What are you talking about? Since when does anyone have a right to borrow money with no strings attached?
It's an implied right. It's the right of an ADULT (which 18 is supposed to be, but doesn't seem it anymore), who can be drafted if male, to make a contract with a bank... to get a jump start on creating a credit report for when they want to buy a home in the future, etc.
And, why shouldn't people have the right to make their own mistakes? At some point, mommy and daddy and gov'ment need to cut the cord and let us explore the world for ourselves. Also, if you look, most college students aren't getting into THOUSANDS AND THOUSANDS of debt as the media would like you to think. They get rinky-dink student credit cards that allow 200-800 dollars worth of credit. Even a minimum wage job could pay that off if need be! Even then, only a small minority of students actually get in "over their head."
Last edited by xavier132487; 05-22-2009 at 06:48 AM..
Since when does anyone have a right to borrow money with no strings attached?
When I say taking away rights, I mean they are discriminating against people under 21, just like other laws and regulations do. Look, if companies wanted to do it I could understand, but the fact that the government feels like it's their business to regulate how old you can be to get a C.C. (even if you're an adult) is just ludicrous.
Right to a Credit Card? I am as leftist as you can get but NOBODY has a right to a credit card. The absurd debt load could be prevented by requiring a credit check before a card is issued, stop sending out unrequested cards and a limit of 15% + $20 per year on allowable interest and fees.
If you are in college and cannot pay cash for food or booze you need more prosperous parents or a decent job. Get over yourselves.
If you are in college and cannot pay cash for food or booze you need more prosperous parents or a decent job. Get over yourselves.
Not everyone goes to college after high school. That's the problem with folks like you: you ASSUME that 18-20 year olds should go to college and live off their parents. That's a HUGE problem. If 18 is the age of "Adulthood" then it should be the age of adulthood, not "kind of" adulthood.
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Right to a Credit Card? I am as leftist as you can get but NOBODY has a right to a credit card. The absurd debt load could be prevented by requiring a credit check before a card is issued, stop sending out unrequested cards and a limit of 15% + $20 per year on allowable interest and fees.
Yes, we do have the right to credit if a bank thinks we are worthy; the government should have no say if I'm credit worthy because of age. It's a contract between banks and customers, period. Also, most of the credit card debt isn't held by college students, it's held by middle aged upper middle class people.
When I was 18 I worked and got a pay check instead of the money wired into my account which is the most common thing in Europe. I tried to get a checking account and was denied by ING bank in Europe. They didn't trust a 18 year old with a checking account that had to bring a pay check every month...my parents had to co sign and talk to the bank manager to get it done.
I never had any issue later on since I learned from my parents to save more than I spend. On top of that the one thing I like better in Europe than over here is , that you can't spend more money with a debit card than there is in your account so you won't get any overdraft fees. These over draft fees are ridiculous and specially since the bank is first taking the biggest amount out of your account even if the funds aren't enough and than taking out the lower amount even when the funds were already not there...that to me is showing intent of over charging customers and trying to suck everything out of a person instead of telling them...no funds = no money and/or payment of the bill! The bank makes it seem like they are so nice and willing to pay that bill, but than they charge the person 30% interest + overdraft fees
In my opinion the fee should never be higher than the amount that the bank is paying.
I once had 3 overdraft fees for an amount of $ 12.99 since I had been at Walmart and a school lunch check was taken out of my account and another small payment, all together for $ 12.99 and I was charged 3 x $ 19.50! I got it all back since some one had witdraw money from my account without my permission and the bank manager of BoA fixed the issue. I never pressed charges against the person since we were business related, but it was a shock to find this all out and for a bank to allow the payments...I rather had been standing at Walmart and my card was denied and I would have paid in a different way than as the bank was saying..."you don't want to be denied while paying for an item"...that is b.s. and than turn around and get slammed with charges!
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