The new credit card bill makes it harder for college kids to get credit cards. That's a good thing.

[bluestateguy]

Tough medicine, yes, but it does not serve the national interest for irresponsible 18 year olds with little in assets or income to obtain a credit card, run up massive debt (on top of student loan debt, which is another issue), and then graduate into a pile of debt, especially in this job market.

The fact is that your average 18-20 year old does not know a thing about how to manage money (I said average; I'm aware that there are exceptions). I had a roommate in college who ran up mountains of huge credit card debts, but was always bailed out by his rich grandparents. Then he would run up the debts again. Me, on the other hand, I always kept my balance below $500, because I did not have rich relatives to bail me out. My roommate was a good guy, and we are still friends, but his persistent family bailouts annoyed me.

The bill requires under 21 year olds to have a certifiable income or assets or a parent will have to co-sign. What this means in practice is that Dylan the Frat Boy or Daddy's Little Sorority Princess will still get their credit card, while others will have to wait. But there is no constitutional "right" to credit. That's part of what got us into this mess in the first place with regard to mortgages, and the banks share the blame for that along with irresponsible and unqualified borrowers.

College students should earn credit like everybody else. It would be a great life lesson, in fact.

[Captain Hilts]

1. Yes, when I was in grad school I was just barely making it by not borrowing. nt

[RoyGBiv]

2. I agree ...

I had extensive credit problems throughout my 20s because of a credit card that was basically shoved in my face when I was about two months this side of 18. My credit worthiness was based entirely on the fact I was in college, and I could have assured them, I was not credit worthy at the time.

Thankfully I learned quite a little bit over the next several years.

[rwheeler31]

3. We need to hammer home this does not take effect

until Feb. Let your students and parents know.

[rpannier]

4. That's the way it was when I was in College

it keeps irresponsible people from getting preyed upon by the C/C companies and banks

[tularetom]

5. I had to bail out both my kids from debts they ran up on unsolicited credit cards

My son learned from the experience and altered his spending habits. My daughter never did. 25 years later, with a good job, she is still on the brink of financial disaster because she can't control her rampant consumerism.

Financial maturity does not necessarily come with age.

[bluestateguy]

6. kick

:kick:

[JerseygirlCT]

7. Yup, I agree

In fact, when I was 18, it wouldn't have happened anyway. As I prepared to graduate from college, I got an offer or two from gasoline credit cards. The idea then was to take one, use it well and pay it off, and then you'd be in a position to apply for a regular credit card.

I've had my Mastercard since the year I graduated college.

With a kid in college now, I totally agree this is the way it should be. We did give him a card - but it's attached to our account, and it's for emergencies. He's been very responsible with it, and that's our intention - he'll learn how to use it responsibly and then when it's time, he'll be ready to deal with one that's all his own.

[W_HAMILTON]

8. I don't believe so.

I had to put off going to college because I had no credit history, and had no one to co-sign any of my student loans back in the day. Now, several years down the road, I have had perfect credit, and I can get loans to get me through school without relying on anyone else.

This seems to only hurt people like myself. The rich kids, well they'll still have their credit cards.

Not being able to get enough in student loans because my mom wouldn't co-sign and because I had no credit history coming out of high school screwed up my life for many years.

If they didn't want them running up massive debt, they should have simply instituted low credit limits. Not having a credit card and/or credit history is very difficult nowadays, especially in a college environment if you don't have anyone else to rely on but yourself.