Anyone American under 21 needs a parent or guardian's signature before they can get a credit card


So much for accepting responsiblity
I'm not even sure this one is constitutional.

On May 22, President Barack Obama signed into law the Credit Card Accountability, Responsibility and Disclosure Act of 2009. The bill restricts credit card issuers from raising interest rates without warning, penalizing customers who pay on time and levying excessive fees.

There's also a provision that specifically concerns young people: Under the new law, no one under age 21 can get a credit card unless a parent, guardian or spouse is willing to co-sign or unless the young adult has proof of sufficient income to cover the credit obligations.

Speaking on the Senate floor in May, Sen. Barbara Mikulski, D-Md., said the bill aims to prevent credit card companies from "targeting college kids to weigh them down with debt before they even graduate."

Twenty-one is too young. Twenty-five would be better. Maybe thirty-seven. Given the mess over the last couple of decades, maybe sixty-two is the reasonable number.

Do you understand?

Once the law recognizes someone as an adult, any age number after that is purely arbitrary.

This isn't about protecting young adults. It's about control.

— NeoWayland

Posted: Wed - September 16, 2009 at 02:33 PM  Tag


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