April 3, 2009
- How to dry fruits and vegetables
- Saks OFF 5th opens at Bridgeport Villag...
- Poll on online clothes shopping
- The Kyron Horman solution
Subscribe to Weekly Updates
April 3, 2009
By Evergreen,
Congress is working on a bill that would ban credit card companies from soliciting minors. One age limit suggested was banning solicitation for up to 21 years old. Wow! Is this a good idea or bad idea? Is 21 too high? The positives would be that it keeps companies from preying on inexperienced youth and giving them an incredible amount of purchasing power. The negative is that it may prevent access for youth who need to build credit early for college expenses or struggling young families. What is your opinion?
Print This Post
Email This Post
I’m sure it would not be legally binding. In other words, if Visa contracted with a 17 year old for a credit card and the minor ran up the charges and Visa tried to collect, I think they’d be out of luck. But, I’d suppose if the minor stated he/she was of legal age maybe there’d another can of worms for them for lying on a contract. Don’t think I’d recommend it either way.
Boy that is a good question. Having college aged sons under 21 I know how many of those credit card applications they get in the mail. I also know there would be no way of me policing whether they sign up for one and run up the bill because they are of legal age. Yet,if they did run up the bill the card companies know parents would want to pay it rather than ruining their credit so young. Tough one!
Instead of a bill that overreacts and shuts out everyone under 21, why not make some reasonable requirements instead. Such as, having anyone under 21 required to have a co-signer on the card contract. That way parents would know the card was out there and could monitor the spending.
18 is the legal age of an adult, right? If so, not only should an 18 year old be able to get a credit card, but they should be able to buy a beer. If a person is consider responsible enough to carry an M-16 and go to war and kill people, are we seriously debating whether or not they are old enough to get a credit card? Maybe the argument needs to be re-framed. Maybe the question should be, should we require the age of our soldiers that we send to battle and war be 21?
I vote Ken for Congress. More sense less nonsense.
Great point.
I hate the ‘if he can go to war…’ arguement. We have age limits to ensure that people are responsible and can make educated decisions. You need to be 35 to run for president. Should we allow an 18-year old to run for president because he could go to war? No. Just like 18-year old’s shouldn’t be allowed to drink, vote or use a credit card.
Copyright © 2010, OregonReport. All Rights Reserved. | Terms of Use - Copyright - Legal Policy | Contact Oregon Report
Can one get a credit card without a parental consent if you are a minor?