New credit card rules went into effect on Monday as part of the CARD Act to protect consumers from unfair practices. One of the changes under this act states that credit card companies cannot issue cards to those under 21 unless that person has proof of being financially independent or a co-signer.
As someone who didn’t have a credit card until 22, this new rule doesn’t seem too bad. I went to school in Boston, but lived at home with my parents in California. I was able to survive just fine with my debit card and cash while at school and was happy to spare myself the worries of forgetting to pay my bill.
Once I moved back home after graduation, I applied for and got my 1st credit card when I had more time to learn exactly how minimum payments, interest rates, and all those important details work. I was happy I had waited, all the fine print and rules around how much you pay, and when, made my head spin. My point? Had I gotten a card in college, I wouldn’t have bothered to read my card’s terms and probably would’ve racked up debt without knowing it.
When the fans of our Facebook page were asked how they felt regarding this new rule, most people agreed with my stance.
Here are some of the replies that stood out: