February 27, 2010
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No Credit Card Until You are 21
A law was passed that went into effect last Monday that banned kids under 21 years old from getting a credit card without a co-signer. Here is the link: Link
It is my understanding that 80% of those under the age of 21 do not pay their credit card on time causing them to face huge penalties.
Do you think kids under 21 should be required to have a co-signer to get a credit card?
Comments (98)
No.
Nope!
Yes. Debt is like a nationwide student TRADITION here. Students come out of University with thousands of debt. Credit cards make that so much easier. Debit cards ftw!
I agree people under 21 should be required to have a co-signer. Honestly, People under 21 are not responsible enough to even have one yet.I’m nearly 22 years old and I am proud to say I have yet to get a credit card!!!
As much as I would want to say yes (I think it’d help out the majority of people out there who will potentially screw up their credit in the future), there are enough people out there who need and rely on credit and don’t have a anyone to co-sign for them. Here’s to making it even more difficult to pay for college!
No.
Yes.What companies did to us is horrible but it’s not all their fault, bad money management helps. They knew students wanted credit cards because they needed something to buy food & books with. I knew people who used credit cards to pay rent, which was stupid because you had to pay it all again! They should maybe have student credit cards which have lower interest rates & limits so they wont get in over their heads. My credit card has a low limit anyway. If it’s too high that you cant pay it off with in a year if you max it out, that bad & you literally pay for it in more ways than money.
Sounds good to me. Most the people I know who are in huge debt got that way in college. Most college kids are 18 to 22…
@OhItWontBeForever - Yes! Viva la debit cards! People sing praises of prepaid cards but I dont like the terms of some of them. I would just pay cash.
Even though at 18 people should know what they’re getting themselves into when it comes to credit, most people don’t. I wish that it was more difficult for me to get one when I was younger, I’d be in a better position right now lol. So yeah, that or just raise the age limit of credit cards to 21. It’d help out a lot of people in the long run.
Well, no. Other than buying a car people need a way to build credit to buy a house etc and a credit card is a good tool for that. So that might hinder kids in building credit… Some people choose to start families at 20, etc so I see that as a problem
Definitely, I think that’s a great idea. I maxed out a a couple credit cards when I turned 18 and screwed myself, I’m finally debt free as of last year, it’s pretty awesome. If I had been more responsible, that likely wouldn’t have happened.
I’m 18, and basically an orphan. I need a credit card to build up my credit history. I’m responsible enough to live on my own and put myself through college. Why can’t I be responsible enough to have a credit card?
From what I understand, the law only applies if the person is a dependent of someone else at the age of 21. Married people of that age can still apply with no cosigner. Yes, I’m in agreement with this. Too many people (myself included) get in trouble with credit at the ripe old age of 18, and I think it’s a huge mistake to give college students credit cards without any thought of the damage it could cause. Sadly, though, there will be those who actually need the credit (to get through school, etc.) who won’t be able to get it because they don’t have a cosigner. But sadly that happens with loans as well, so it’s really nothing new.
I have some issues with making it a law, but I could definitely understand a bank making that a policy.
i think so ass well, i know if i had a credit card i would be buying hella shit only to realize i can’t pay for it lmfao
It’s a moot point, theres already a way around all 10 of the bad practices that law banned.
yup! I think this us a great idea… It holds parents responsible for the financial education of thier children…
Yes!! If this law would have been in effect when I was in college, or if I would have had an adult figure with any common sense to guide me, I would not have made such stupid mistakes that continue to affect my credit today.
I think it’s a great idea, but there should be something for people under 21 who need a credit card to start working on their credit score who don’t have anyone to co-sign with. Not everyone has living parents or anyone who cares for them and not every parent is willing to help their child out once they hit 18, especially if they don’t go to college.
Yes.
I think 2100 is too young to own a credit card.
there goes my financial irresponsibility.
i can fight for my country, but i can’t buy beer on credit??!!?
No. Idiots digging themselves into financial shit-holes means better rates for me.
@andfeud - i can fight for my country, but i can’t buy beer on credit??!!?Yup. It’s interesting how everyone considers young people responsible enough to kill and die, but not responsible enough to handle money.Though technically, they don’t consider young people responsible enough to handle beer either.
So, you can die for our country at 18, but you can’t drink and now you can’t have a credit card. I just have an issue with this…
@CrystallineFigurines - Yeah. Special exceptions should be made for the young men and women who join our military.
For me, it’s about society holding paradoxical views.On the one hand, an 18 year old can make the decision to sign at least two years of their life to the military and fight a war. They can choose to be given a gun, and kill, and risk death for an ideal. This is considered brave and beautiful. What a responsible young person this is, says society, to make such a decision! The fate of the free world, supposedly, is placed on the shoulders of the youth.On the other hand, if a young person simply wants a credit card, society says we are going to assume that you are irresponsible and make rash choices! what do you know of life?Either society should lighten up on young people, letting them have all the credit cards and whatnot that they want, or raise the minimum age for joining the military. Either young people are rash and irresponsible or they are not.
yep. it’d help a LOT
Actually, I think a co-signer is a very good idea as opposed ot just banning those under the age of 21. Although, I can see how this could be problematic or just plain frustrating for people who are independent or married before 21.
Umm, no. I got my first credit card when I was 18, and I made a few mistakes along the way, but my credit is great now. An 18-year-old shouldn’t be given a huge credit line, but other than that, I don’t see why they should need a cosigner.
I made some mistakes when I was younger with my credit card…I didn’t have enough money to pay the bill. So now that it’s 5 years later, I’m still stuck with the same high interest rate. So high, in fact, when everyone else’s interest rates were getting raised…mine stayed the same.
Two of my major friends are in major debt because of credit cards. It’s sad. I was raised with the morals of my great grandparents (who lived through the great depression), if you can’t afford it then you can’t buy it. So many people my age don’t even save money anymore. I think it would be better for every to wait and get a credit card. Or, not use one at all. I’m 22 and I don’t have one. No need for it. I do have a debit card, but I can only spend what I have in the bank.
Sure, I don’t give a shit. Doesn’t affect me here.If Canada passed that law I’d be pissed though. I’m currently under 21 and my credit card bill is paid in full every month. I have no debt and I’m damn proud of that.
No, because some people just don’t have people that can co-sign for them.
no cosigner cause no one in their right mind would sign it
Under 21? No. Under 18, yes.
I think it’s a great idea!
Yep. I am twenty one and I don’t even have a credit card. I know better.
NO CARD FOR YOU!
I think when you become an adult you should have the ability to get a credit card. No one is forcing you to get one and become deep in debt. Parents should make their children aware of the dangers of abusing credit if they aren’t able to make payments.
I think government interferes too much with our lives already. Is the sentiment behind the law good? Yes, but where does the affectionate help of Big Brother stop? Hopefully by the time my kids are of age, they’re smart enough to know that they shouldn’t need one and hopefully they have a savings account which will allow them to do their emergency spending from a reserve instead of from the loan shark.
credit cards helped me get through college. my parents were in no position to help me financially. I do not want my nanny state to tell me how much water i should drink. oh wait they do. 8 cups a day,
i guess i can see where the lawmakers are coming from on this. credit cards really dig you into a hole if not used properly.
@TheModernBunny - Either that or they just don’t care who is in the military, as long as it isn’t them.
Yeah I guess I agree.. In some cases? >.<
I think that’s pretty stupid. Just because some 18 year olds are irresponsible with their credit means I can’t start building my credit until I’m 21?
Most definitely.
I had a credit card at 18 and I am now 28, have a credit score of 800, and have never made a late payment.
I’d be too scared to get a credit card lol.I’d be in debt in a couple days ;;. I want a debit card though!
@The44thHour - Yeah, there’s always that.
i think its a good idea. that way college kids won’t be goin into debt. i am over 21 and still have never had a credit card….
yes and no.yes because some people really do screw themselves up with the whole maxing out thing, and no because they need to build credit too.
I wish that had been the law when I was that age, it would have saved me a lot of money.. Lesson learned.
No. Under 18, yes. But not 21.
@kpxls1 - I’m trying to put off a credit card as long as I can, and just start off with for study abroad or something. Credit scares me. I have a debit card though and I like it a lot, plus there’s always a limit in how much I spend (because over-drafting your account is bad and has nasty fees!). I’d go to your bank and talk to someone there about it. The people at my bank were very helpful in getting me my first checking account.
@TheModernBunny - Then again, society considers those who go to college at 18-22 to still be children who can’t cut it in the real world. I think that’s what the government was thinking about when they made this law. Of course, had the credit card companies not target the hell out of college students with no money (I got offers in the mail at least once a week, phone calls for offers at least once a week, and once got free pizza for signing up for a credit card), then there would’ve been no need for the new law.
YES. As soon as I turned 18 I got two credit cards to build my credit, lost my job a year later, & now that I’m still unable to find work I owe an arm & a leg & can’t make payments. If I would have needed a co-signer I never would have got them & wouldn’t be in my situation. I think it would help more than harm.
well it is really hard to get a credit card when you are 18 to begin with, however, I think that when you become 18 and your legally an adult you are responsible for your actions and that should involve your money.
I thought you already had to have a cosigner…hmmm, maybe it’s department stores’ credit cards I’m thinking of. I didn’t get one until I was 21 and I still had to have a cosigner.
I think it’s totally up to the lender.
@everlastte - mm my parents don’t trust me with a debit card either xD. and i’m not old enough yet to get one myself. *sigh*
whoa interesting, no i dont think that should be allowed. I got mine when i was 19 and I was totally responsible.
Oh I didnt know that anybody under 21 is considered a “kid” even though 17+ year old have fought and died for their country, please rephrase that if you may….
Part of whats wrong with this country is they treat young adults like kids still, hold them to low standards and dont give the mutual respect that you would find given back in the day but at the same time……people grow up slow as hell these days, maybe because so many people end up going to college and staying there for years under their parent’s wings, back in the day, blue collar work right after graduating or turning 18 years old was much more common. Sigh…times change I guess
stupid.
I think 18 would’ve been better.
Eh, 21′s pushing it; I’d agree with 18.But either way, There should be a clause in there excluding underage kids who got emancipated.
I agree with this law.
Hell Yeah. IF they aren’t responsible enough to drink a beer at 21, then they are not responsible enough to handle debt, which crushes the economy.
@Dewdropsonthegrass - I agree with the emancipation clause.
I’m 25 with excellent credit and I’ve never had a credit card. I tried to get one but I was denied because I have a limited credit history. bullshit if you ask me.
woo hoo!! Proud to be part of the 20% who’s never made a late payment on anything, and I’ve had two cards since shortly after I turned 18. @wishtoremainunknown - there is also a clause in this that if you have a history of financial responsibility/can prove you are financially responsible, they’ll give it to you without a co-signer. So, that’s at least…something. Though how you would prove that I dunno.
Credit cards are the devil, NO ONE should have them, cash all the way baby. You don’t have the money, you don’t get whatever it is. It really is simple isn’t it?
No! This is terrible. I just turned 18, this summer I will become a first time renter, and I will have absolutely no credit history. I had planned on getting a credit card and making small purchases, but now I can’t. Who cares if half the students around can’t be responsible. This is how they will learn to be responsible and accountable for their financial woes. Now if I want to get a credit card, every good (or even bad) action I make with it, will go into my co-signers credit. How am I suppose to prove to the car retailer or my potential landlord that I am a responsible kid?
absolutely not. just because some fucktards cant get it together doesnt mean the rest of us cant either.
@rafi09 - My thoughts exactly, especially since I can see myself getting into this situation as soon as I hit 18. I plan on avoiding getting and using a credit card for as long as I can. I see them as more trouble than they’re worth, really.
Absolutely. They can still get debit cards, right? They can wait to get credit cards.
VERY YES
that’s ridiculous!! I got my first credit card when I was 18! shit and I’ve always paid on time
Glad I got a credit card before this law was passed.
i think you’re running out of topics, daniel
No! I was married by the time I was 21. It’s almost impossible to build credit without a credit card, and you kind of need good credit to buy a car or house. A better solution to the credit problem would be to require personal finance classes in high school and/or freshman year of college.
no. I’m 20, and I have 2 credit cards.both have really low balances, and I always pay more than the minimum payment.Just because some people are immature when they turn 18, doesn’t mean everyone is.
So wait. I have to wait until I’m 21 to have a credit card, but 18 is an ok age for me to go die and kill for my country? I don’t get it.
@TheGiantSlayer - Not everybody is irresponsible. Just because I’m not 21 yet doesn’t mean I can’t handle a credit card, just like it’s really stupid to simply assume anybody under 21 is not responsible enough to handle a beer. You only notice the ones that fuck up, because they’re the only ones who are noticed. I’m sure if you were younger, you might feel differently… This law doesn’t affect you, really, but for some people it does, and not favorably.Help me understand this: Why is it okay, at 18, for me to vote, buy cigarettes, and go die for my country, but I can’t even order wine at dinner or have a damn credit card for emergencies?
@blackspiders - I am speaking from personal experience regarding the credit card. I shouldn’t have been given a credit card fresh out of high school. I think the credit age should be 21 and I think the drinking age should be 18.
funny how they fail to take into consideration the fact that a responsible adult of 20 years might be more trustworthy than their only options for cosigners who mightn”t get accepted. kinda like all those student loans that you can get… if you have a credit-worthy cosigner. yeah that helps heaps when you’re only options for a cosigner haven’t been as responsible as you are despite your lack of credit history. why won’t you DIE agism DIE?!
I think it is a great idea. No one teaches our kids about credit, about the penalties, the drawbacks. It is presented to an 18 year old like free money. I am still trying to repair the damage I did to my credit at 18 ten years later.
@TheGiantSlayer - Ah. That clears it up.I’m hesitant about getting one but now apparently I can’t even if I feel like it. I don’t plan on roping my parents in, I don’t want a co-signer. So I guess I have to wait until I’m 21 to be able to rent an apartment and all that stuff. :/
@blackspiders - having no credit is not such a bad thing.
It sounds good in theory, but people will be upset about losing their ‘rights’.
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