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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.
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.
Right to credit, My A88.
You're missing the point. I'm not saying that everyone has the right to a credit card. I'm saying the government SHOULD NOT have the right to tell certain adults they can't have a credit card based on the fact they are young adults. Like the PP said...if they are adults then they ARE adults...period!
The media seems to be painting this as a terrible thing, but its a good thing.
Notice the headline, it doesn't say..."easy credit reigned in on college campuses", or "aggressive credit card marketing on college campuses may come to an end".
It's a new era for the credit card companies....some of their questionable practices and fees are coming to end.
All the talk about age discrimination is silly. The law states that you can't give a credit card to someone under 21 without first:
1.) Verifying they have actual income.
2.) Getting a co-signer.
The 18 year old that goes to work after high school can still get a credit card and the college student can also, granted that the parent will co-sign.
Much of this would have occurred without the law. This is how things use to be.
You're missing the point. I'm not saying that everyone has the right to a credit card. I'm saying the government SHOULD NOT have the right to tell certain adults they can't have a credit card based on the fact they are young adults. Like the PP said...if they are adults then they ARE adults...period!
You're absolutely right.
The government should NOT be in the position to dictate what kind of contracts you can sign based only upon your age.
This week it's contracts for a credit card. Next week will it be apartment rental contracts? Do you want the government to arbitrarily decide that you can't have a mortgage if you're under 30?
This week it's contracts for a credit card. Next week will it be apartment rental contracts? Do you want the government to arbitrarily decide that you can't have a mortgage if you're under 30?
What ever happened to letting individuals make their own mistakes and then having to deal with the consequences of those mistakes?
That would be fine if the banks and individuals involved were solely responsible for their bad choices. Unfortunately with the bailouts of the banks, the taxpayers are the ones paying for it So yes, we as a society absolutely have to regulate who can and who cannot get credit.
All the talk about age discrimination is silly. The law states that you can't give a credit card to someone under 21 without first:
1.) Verifying they have actual income.
2.) Getting a co-signer.
The 18 year old that goes to work after high school can still get a credit card and the college student can also, granted that the parent will co-sign.
You've missed the point. Income requirements should be compulsory for everyone. Last I checked, it wasn't the under 21 crowd that caused the mortgage meltdown that was talked about like a nuclear holocaust. That was the boomers and mid-30s yuppy crowd.
Also, once you're 18, you shouldn't have to be reliant on your parents to be a "cosigner" or for other financial responsibilities if you don't want them to be or if they don't want to be on the hook for you. All this law does is further the cause of the helicopter parents and prevent people from getting a head start on their credit report because they're a certain age (that is considered adulthood last time I checked, but it seems to be treated as extended adolescence).
That would be fine if the banks and individuals involved were solely responsible for their bad choices. Unfortunately with the bailouts of the banks, the taxpayers are the ones paying for it So yes, we as a society absolutely have to regulate who can and who cannot get credit.
Then do it! You're using an arbitrary means to do so. Also, credit card users aren't being bailed out. The damn middle-aged boomers who took out HELOCs and second mortgages for renovations are the ones being bailed out. Go after THOSE folks, then talk to me.
You've missed the point. Income requirements should be compulsory for everyone. Last I checked, it wasn't the under 21 crowd that caused the mortgage meltdown that was talked about like a nuclear holocaust. That was the boomers and mid-30s yuppy crowd.
The lenders should decide whether they want to verify income for adults or not. Ultimately I think they would change the way they handle college students regardless of the law.
Anyhow, the problem with the under 21 crowd is that they are usually not responsible and the statistics show this. The law is largely targeting college students without income, not the working adult that is under 21. For similar reasons we don't let people under 21 drink alcohol.
Limiting students ability to obtain debt I think is an important way to control college costs.
Quote:
Originally Posted by runningncircles1
Also, once you're 18, you shouldn't have to be reliant on your parents to be a "cosigner" or for other financial responsibilities if you don't want them to be or if they don't want to be on the hook for you.
You only would need a co-signer if you had verified income. The working 18 year old will still be able to get a credit card.
This is not true. The FED has been purchasing credit card ABS to keep credit cards flowing. They are currently are not supporting "credit card modifications" though. But the modification programs for housing are rather limited.
Quote:
Originally Posted by runningncircles1
The damn middle-aged boomers who took out HELOCs and second mortgages for renovations are the ones being bailed out. Go after THOSE folks, then talk to me.
Gen-X was more active with the housing mess than the boomers, at least from my experience. Also, the boomers are becoming seniors, they are not "middle-aged". The youngest are around 48 years old.
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So yes, we as a society absolutely have to regulate who can and who cannot get credit.
