Comments on: 18 Year Olds Now Require Co-Signer To Obtain Credit Cards. Still Maintain Right To Catch Bullets With Their Face!

By: Payvand

Payvand — Tue, 09 Mar 2010 23:35:14 +0000

Kita,
i would have to partially disagree with you. I believe you are correct when you say “most 18 year olds are not ready for a credit card.” But what about the ones who are. I am 19 years old and building my credit is quite helpfull at this stage. once i graduate from college i will have a great credit history and be able to move out with ease. im not in any debt but i have a $1,500 credit limit and im doing fine. so should tylenol be banned because people misuse it?
Now because this legislation it is very difficult for me to get for example an auto loan.
That is my view point on this matter.

By: darlene

darlene — Tue, 23 Feb 2010 06:34:01 +0000

First off, I am 20, both parents dead by age 19. Its the older generation’s job to teach the younger one’s about money and wise financial decisions. Just because you are 18 doesn’t mean you are completely ready to handle a credit card with out have some sort of training on the “do’s” and “don’ts” on how to use it, the majority of the 18 to 21 age group need to be taught proper financial decision making skills before actually being given the freedom to choose to have it on their own. I speak from experiance most people do get into over $5,000 in debt due to not being informed about how to use it. It does more harm than good. Are you not aware that insurance rates go high once again, when you turn 70. Saying you arent an adult at age 24 is like saying you arent an adult at age 71, people that age are on social security, its expensive for them too, its a high risk age for accidents. You can get insurance in your own name and you just have to do insurance shopping in order to get the best rates. You can get a hotel room at age 18, I’ve done it before, its not that difficult.

By: darlene

darlene — Tue, 23 Feb 2010 00:59:13 +0000

In Texas you must be at least 21 years of age (18 years of age if you qualify as a honorably discharged veteran or active member of the United States armed forces including a member or veteran of the reserves or national guard) to have a CHL. I don’t know where you live but in my state you have the right to carry a handgun if you are in the military.

Secondly, Im sure that being in the military has taught you many lesson under the authority in training of your higher ups in rank, its the older generation’s job to teach the younger one’s about money and wise financial decisions. Just because you are 18 doesn’t mean you are completely ready to handle a credit card with out have some sort of training on the “do’s” and “don’ts” on how to use it, the majority of the 18 to 21 age group need to be taught proper financial decision making skills before actually being given the freedom to choose to have it on their own. I speak from experiance most people do get into over $5,000 in debt due to not being informed about how to use it. It does more harm than good. Its a learning process just like you have things you learn, and ranks you earn in the military.

By: mia

mia — Fri, 21 Aug 2009 12:29:01 +0000

By the way, my high school taught us some important concepts about credit and I had a economics teacher who had bad experiences as a teen with a credit card so I know what not to do. This class is mandatory so you can graduate.

By: mia

mia — Fri, 21 Aug 2009 12:27:04 +0000

I agree that this is completely ridiculous. I wanted to get a credit card to up my credit score so I could leave my lets say “troublesome” home. Can’t rent an apartment with out good credit. Can’t get a decent loan without good credit. This was literally right before my birthday so it sucked for me. I have a decent job and have a savings/checking account. Graduated high school with honors and now I can’t move out. It’s not my fault almost all american teens don’t know how to balance a check book or don’t know what APR is so they fall into debt. So why punish the ones that know what they’re doing? its unfair.

By: lakita

lakita — Thu, 28 May 2009 20:13:00 +0000

This is a good example of why I feel education is important before receiving a credit card:

http://www.daveramsey.com/etc/cms/Testimonial_by_Warren_12340.htmlc

By: Patrick

Patrick — Tue, 26 May 2009 17:08:52 +0000

I like some parts of the legislation, mostly the parts that force transparency and standardization, such as sending bills out 21 days early, accepting payments until 5pm on due date, standards for changing agreements, etc. Those aren't unreasonable changes. I don't agree with the age based requirement though. 18 year olds are legally able to enter into a contract, vote, and join the military. They should also be able to get a credit card without a co-signer. Patrick’s last blog post..How to Evaluate Which Online Broker Is Right For You?

By: Do You Dave Ramsey?

Do You Dave Ramsey? — Tue, 26 May 2009 13:54:56 +0000

Your last line says it all….

By: mbhunter

mbhunter — Mon, 25 May 2009 13:23:39 +0000

I'm all for people being able to make their own decisions, and I'm also all for businesses being able to present options for them to do so. Credit card companies enable people to do many things. Some people choose to overspend, and they get in debt, rack up fees, pay interest. Others (like myself) choose to pay my card off in full, and in doing so I take full advantage of the free float and the rewards. The CC company can do this for me because they're making scads of money off of the other folks. If you prevent people from losing, you also prevent people from winning. mbhunter’s last blog post..Personal finance will not crawl away and die

By: mbhunter

mbhunter — Mon, 25 May 2009 13:05:04 +0000

Vendors are already allowed to give discounts for cash. (Not sure about debit cards.) That's the only way that they're allowed to encourage people to not use Visa/Mastercard. It's a stipulation of their merchant account agreement. mbhunter’s last blog post..Personal finance will not crawl away and die