Old enough to fight, old enough to decide.

[Navy1960]

The Huffington Post's Jim Randel calls the restrictions for the under-21 crowd "nutty lawmaking" that treats young adults in "paternalistic" fashion. Under the new law, young college students will have to have a co-signer or prove they have some kind of revenue stream before they go into debt. I fail to see how that's nutty. It seems to me the height of financial responsibility to provide young adults with a graduated introduction to the world of credit cards, rather than the current practice of bribing them into debt with a free iPod if they sign up now. Your thoughts?

Credit Card Reform Impacts College Kids Too


This may be an over simplification on the this issue but as I see this, if a young person is able sign up for the US Military at age 18, fight and die for this nation then they should enjoy ALL the rights as adults under the constitution afforded to them under it. If the intention of these laws is to imply that these young people don't have the ability to make decisions on their own then raise the age to 21 across the board. Ths boils down to a parenting issue, if a by the time a young person reaches the age of 18 and does not understand the concept of personal responsibility then that is a poor reflection on the parents not the system, but do not ask these kids to make sacrifices daily for their nation then come home and have them refer to their parents for such mundane things as applying for a credit card or a car loan.

 

[Xenophon]

I believe anything on the HP is for retards by retards.

A lot of kids get in lifelong debt from credit cards.

 

[Truthmatters]

I agree they should be not be required a parents consent, some khave no living parents for one thing.

The laws should be changed for the Credit companys that keep them from hoodwinking anyone into debt wether it is an elderly person or a fresh faced kid.

Time to come down hard on the moneychangers

 

[Navy1960]

Perhaps they do Xeno, but at what point does personal responsibility play a role in all this? In fact by the age of 18 shouldn't these kids understand a little of what that is or have been taught some of by thier parents? It's very difficult for me to say, yes your able to go and put your life on the line for your nation, but , you need my permission for a Visa. While I do understand what these laws are attempting to do and for the most part they are trying to keep these companies from taking advantage, in my opinion this is the wrong way to go about it.

 

[Xenophon]

Perhaps they do Xeno, but at what point does personal responsibility play a role in all this? In fact by the age of 18 shouldn't these kids understand a little of what that is or have been taught some of by thier parents? It's very difficult for me to say, yes your able to go and put your life on the line for your nation, but , you need my permission for a Visa. While I do understand what these laws are attempting to do and for the most part they are trying to keep these companies from taking advantage, in my opinion this is the wrong way to go about it.

PR plays zero part because that was tried and it failed.

The definition of insanity is to do the same thing and expect different results, so we can pass on waiting for kids to develope the sense to understand you should not spend more then you can pay back.

 

[Anguille]

Perhaps they do Xeno, but at what point does personal responsibility play a role in all this? In fact by the age of 18 shouldn't these kids understand a little of what that is or have been taught some of by thier parents? It's very difficult for me to say, yes your able to go and put your life on the line for your nation, but , you need my permission for a Visa. While I do understand what these laws are attempting to do and for the most part they are trying to keep these companies from taking advantage, in my opinion this is the wrong way to go about it.

You make some good points, especially about expecting them to be willing to die for the country but not allowing them access to credit. I also think that everyone, not just under 21 year olds, should be protected from being lured into accepting credit they can't manage and which can easily lead to them into being trapped in a cycle of unaffordable minimum payments, retroactive interest hikes and unregulated and undisclosed interest percentage increases. We are all in danger of being tricked by predatory lending.

However, had I been denied my student loan when I was 19 because I needed to have a co signer that would have been wrong. I would not like to see college students denied access to credit that will help them better educate themselves. I would, though, like to see them provided with good financial counseling before they sign onto to too much student debt.

 

[Modbert]

Personal Responsibility can go on so far. I would recommend watching the documentary "Maxed Out: Hard Times" before making wideranging judgment calls on this issue there Navy. Not all the teenagers who get into credit card debt are irresponsible kids who have no idea what they're doing because their parents taught them incorrectly.

I'm not saying you came out and said it like that either, but that's what it came off as.

For the record, this young person does not own a credit card but I do have a debit card.

 

[Midnight Marauder]

Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.

Should be required reading for the sumbitches before entering 9th grade.

 

[xsited1]

The Huffington Post's Jim Randel calls the restrictions for the under-21 crowd "nutty lawmaking" that treats young adults in "paternalistic" fashion. Under the new law, young college students will have to have a co-signer or prove they have some kind of revenue stream before they go into debt. I fail to see how that's nutty. It seems to me the height of financial responsibility to provide young adults with a graduated introduction to the world of credit cards, rather than the current practice of bribing them into debt with a free iPod if they sign up now. Your thoughts?

Credit Card Reform Impacts College Kids Too


This may be an over simplification on the this issue but as I see this, if a young person is able sign up for the US Military at age 18, fight and die for this nation then they should enjoy ALL the rights as adults under the constitution afforded to them under it. If the intention of these laws is to imply that these young people don't have the ability to make decisions on their own then raise the age to 21 across the board. Ths boils down to a parenting issue, if a by the time a young person reaches the age of 18 and does not understand the concept of personal responsibility then that is a poor reflection on the parents not the system, but do not ask these kids to make sacrifices daily for their nation then come home and have them refer to their parents for such mundane things as applying for a credit card or a car loan.

Somebody from HuffPo actually disagrees with a Big Government program, in this case the "Credit Cardholders Bill of Rights?" The Obama Administration is going to make this guy disappear if he's not careful.

 

[Samson]

It's very difficult for me to say, yes your able to go and put your life on the line for your nation, but , you need my permission for a Visa. .

An 18 year old is in more Danger from his/her Visa Account than he is "putting his life on the line for his nation."

How many freakin' 18 year olds are in the Armed Service? How many are actually in combat units?

I'm willing to bet this number is pretty damn small compared to the total number of 18 year olds receiving free credit cards.

 

[WillowTree]

I agree they should be not be required a parents consent, some khave no living parents for one thing.

The laws should be changed for the Credit companys that keep them from hoodwinking anyone into debt wether it is an elderly person or a fresh faced kid.

Time to come down hard on the moneychangers

I bet you khave no parents either.....

 

[SFC Ollie]

I have to go with 18 is an adult. If they haven't learned enough about how to deal with credit they should have paid more attention in math classes. or maybe listened to their parents a bit better.
By the time Many in the service are 21 they will be a team leader, the military sort of has a way of making one grow up rather quickly.

 

[Anguille]

I have to go with 18 is an adult. If they haven't learned enough about how to deal with credit they should have paid more attention in math classes. or maybe listened to their parents a bit better.
By the time Many in the service are 21 they will be a team leader, the military sort of has a way of making one grow up rather quickly.

My math classes taught me zero about handling credit. Instead of being made to learn Algebra, something I have never had any use for in my entire life, I would have much appreciated learning about what taking out a mortgage entails and other such practical matters. I wish our schools spent more time preparing kids to manage a household budget, save for retirement and invest wisely.

 

[SFC Ollie]

I have to go with 18 is an adult. If they haven't learned enough about how to deal with credit they should have paid more attention in math classes. or maybe listened to their parents a bit better.
By the time Many in the service are 21 they will be a team leader, the military sort of has a way of making one grow up rather quickly.

My math classes taught me zero about handling credit. Instead of being made to learn Algebra, something I have never had any use for in my entire life, I would have much appreciated learning about what taking out a mortgage entails and other such practical matters. I wish our schools spent more time preparing kids to manage a household budget, save for retirement and invest wisely.

You should have learned your multiplication tables and what % was all about, I assume you learned to add and subtract. The rest is pretty much common sense. I'll loan you $1000 at 25% interest compounded monthly. And you only have to pay me $35 a month. What a deal......for the rest of your life

 

[Anguille]

Personal Responsibility can go on so far. I would recommend watching the documentary "Maxed Out: Hard Times" before making wideranging judgment calls on this issue there Navy. Not all the teenagers who get into credit card debt are irresponsible kids who have no idea what they're doing because their parents taught them incorrectly.

I'm not saying you came out and said it like that either, but that's what it came off as.

For the record, this young person does not own a credit card but I do have a debit card.

Dogbert, debit cards can be just as risky as credit cards. Most come with compulsory overdraft protection which works like a loan. Banks can charge you what ever they want for an interest rate and are not obliged to warn you when you have gone into overdraft. Some even delay posting charges to your debit card so that you are fooled into thinking you have more cash available than you actually do. Then, if you make more charges, you end up in overdraft with hefty interest to pay.

 

[Anguille]

I have to go with 18 is an adult. If they haven't learned enough about how to deal with credit they should have paid more attention in math classes. or maybe listened to their parents a bit better.
By the time Many in the service are 21 they will be a team leader, the military sort of has a way of making one grow up rather quickly.

My math classes taught me zero about handling credit. Instead of being made to learn Algebra, something I have never had any use for in my entire life, I would have much appreciated learning about what taking out a mortgage entails and other such practical matters. I wish our schools spent more time preparing kids to manage a household budget, save for retirement and invest wisely.

You should have learned your multiplication tables and what % was all about, I assume you learned to add and subtract. The rest is pretty much common sense. I'll loan you $1000 at 25% interest compounded monthly. And you only have to pay me $35 a month. What a deal......for the rest of your life

Loan, mortgage and credit card contracts are a lot more complicated than that.

 

[rightwinger]

Navy

You should know. Some of the worst offenders are young soldiers and sailors being given credit for the first time. They run up massive debt. Some of the personal responsibility should be placed on credit card companies that offer high rate credit cards to people they know are unlikely to be able to pay for it.

 

[California Girl]

I agree they should be not be required a parents consent, some khave no living parents for one thing.

The laws should be changed for the Credit companys that keep them from hoodwinking anyone into debt wether it is an elderly person or a fresh faced kid.

Time to come down hard on the moneychangers

Do the words 'personal responsibility' have any meaning for you whatsover? Why does the government have to legislate every fucking damned thing? This pathetic whiny 'help me' attitude of liberals is just sickening. Make your own fucking decisions and stop expecting someone else to take care of you and protect your ass from every little thing.

 

[rightwinger]

I agree they should be not be required a parents consent, some khave no living parents for one thing.

The laws should be changed for the Credit companys that keep them from hoodwinking anyone into debt wether it is an elderly person or a fresh faced kid.

Time to come down hard on the moneychangers

Do the words 'personal responsibility' have any meaning for you whatsover? Why does the government have to legislate every fucking damned thing? This pathetic whiny 'help me' attitude of liberals is just sickening. Make your own fucking decisions and stop expecting someone else to take care of you and protect your ass from every little thing.

We need "personal responsibility" from credit card companies too. They suck people into accepting cards with a low 90 day rate in large letters and never reveal that the real rate is 25%. They give cards to people with poor history and no jobs. They jack up penalties and fee increases for minor transgressions. When the card-holder gets behind they raise the credit limit
Then, when the debtor defaults. They go to the Government for a bailout.

You shouldn't need parental consent if you are over 18. But requiring a co-signer for someone with no credit and no job is just smart business. The Government shouldn't have to get involved in this. But the Banks obviously haven't learned from the past.

 

[California Girl]

I agree they should be not be required a parents consent, some khave no living parents for one thing.

The laws should be changed for the Credit companys that keep them from hoodwinking anyone into debt wether it is an elderly person or a fresh faced kid.

Time to come down hard on the moneychangers

Do the words 'personal responsibility' have any meaning for you whatsover? Why does the government have to legislate every fucking damned thing? This pathetic whiny 'help me' attitude of liberals is just sickening. Make your own fucking decisions and stop expecting someone else to take care of you and protect your ass from every little thing.

We need "personal responsibility" from credit card companies too. They suck people into accepting cards with a low 90 day rate in large letters and never reveal that the real rate is 25%. They give cards to people with poor history and no jobs. They jack up penalties and fee increases for minor transgressions. When the card-holder gets behind they raise the credit limit
Then, when the debtor defaults. They go to the Government for a bailout.

You shouldn't need parental consent if you are over 18. But requiring a co-signer for someone with no credit and no job is just smart business. The Government shouldn't have to get involved in this. But the Banks obviously haven't learned from the past.

Learn how to use the following word....

No.

It's not hard. Credit card companies are businesses. They are driven by profit. You don't get 'sucked in' unless you want to be 'sucked in'. I have been inundated with 'pre-approved credit' from a variety of companies. Each one goes directly into the recycling. It's not hard.

Adults should not need the government to 'protect' them. We are perfectly capable of doing so for ourselves.