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That is a good move.
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
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Another Obama failure...
http://articles.moneycentral.msn.com...aspx?gt1=33001At age 18, Americans become eligible to vote, enter the military, serve on a jury and marry without parental consent, in most states. But starting in February 2010, there will be one less opportunity with that milestone: getting a credit card...
On May 22, President Barack Obama signed into law the Credit Card Accountability, Responsibility and Disclosure Act of 2009...
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....
That is a good move.
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
Makes perfect sense to me also. Maybe we can borrow Obama and have him come over to the UK twice a week and show the twats in office we have here a thing or two.
Another bad idea from our lame thinking President.
What about responsible individuals who want to leave home and start a life of their own and don't have parents willing to co-sign? What about them? Where do they go? Would they be forced to stay at home until they establish their own credit history?
Think about it, Many teens leave their parents once they turn 18, This bill would prevent them from establishing credit, getting a car, an apartment, even renting a motel room, How is this GOOD?
Just because many teens are irresponsible, doesn't mean that all of them are.
I hope this doesn't apply to Debit/Visa or Debit/Mastercard
Please vote Republican in 2012, America can not sustain another 4 years
of Liberal policies that are fiscally and socially destroying the country..
Agreed.Originally Posted by aZooZa
Also, money-management ought to be the most important lesson given in school; should be an hour a day devoted to it.
They can get one of these or, crazy as this may sound...USE CASH!
Last edited by jasdon11; 09-14-2009 at 04:58 AM. Reason: Automerged Doublepost
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You can not only borrow him, you can TAKE HIM. Americans are already expressing they dont want him.
That may get you by, but they still have the problem of establishing credit.
You cant even get a car loan these days without having at least one credit card on your credit report.
Last edited by Raider; 09-14-2009 at 05:02 AM. Reason: Automerged Doublepost
Please vote Republican in 2012, America can not sustain another 4 years
of Liberal policies that are fiscally and socially destroying the country..
We'd love him here. Eva, when you say stuff like "Americans are already expressing they dont want him." you know you have to quantify that. I know you're passionate about your politics, but you have to temper your zeal with facts. Now tell me what percentage of Americans currently don't want him.
As far as the credit thing goes, people under 21 should be able to get credit based upon their history of being able to save regularly. That's how i'd work it. Of course a debit card is fine too. No ability to save = no credit in my book.
So they should save and 'buy' a car instead of taking on debt.
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Money management? Like the U.S. government manages money? Double LOL. I agree about teaching money management, but that practice should start from the top, don't you think? That's one reason well over a million Americans gathered in Washington DC this weekend.
As for limiting the availbilty of credit to those younger than 21 yrs , if that be the case, one should be required to be 21 yrs or older to serve in the armed forces.
By the way, don't you have the right to vote in the UK. You guys almost never discuss your country's politics. Same for Canada.
Have you seen the stats regarding young people and suicide over debt? You may have been responsible at 18 but the majority are not. Either way, all they need is a signature from mom or dad to get one even still. Its funny, so many people complain that Americans live on and rely on credit cards and debt to live the lifestyle they want and when this administration tries to do something so young people don't carelessly start a legacy of debt at such a young age, its a bad thing. Also, when I moved out I had no credit card and was able to rent an apartment and already had a car. Its not that difficult.
Last edited by DomainsInc; 09-14-2009 at 06:18 AM.
Money management should start at the bottom. It should be instilled by responsible parents at the outset.
Credit and serving in the armed forces are unrelated.
There's not much to discuss about UK politics other than to say it stinks just like most, and if we weren't all so patriotic here we'd probably all have put in a bid for Louisiana - that place that Bush threw to the dogs - and moved there. I love gumbo.
Then they should have no problem getting a credit card since they should already have a source of income to cover the debt.
I agree but with very little to no credit as this age the credit card companies (banks) should be able to at least make sure that responsible teens are signing up for them.Just because many teens are irresponsible, doesn't mean that all of them are.
I doubt it applies - debit / check cards (as well as pre-paid credit cards) pull many directly from an existing account. Unless they overdraw their account (in which the bank should refuse it) there is no debt - just less money in an account.I hope this doesn't apply to Debit/Visa or Debit/Mastercard
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Please follow the rules or suffer the wrath of Thor's Hammer.
Yes we vote, and I do. I didn't vote for the bunch of tossers we have in now.
Have you seen Gordon Brown? He'd struggled to get a job working at B&Q...he was a shit Chancelor (sold off our gold reserves for £3billion a few years ago at the bottom of the market - now worth $20billion - amongst countless other balls-ups) and he's a worse Prime Minister.
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Quite so James. Remember also the 3G mobile licence billions that Labour have pissed away. But you certainly touched a nerve about the gold fiasco.
Jasdon11 refered to that which is taught in school. In the US, that is the responsibility of local government.
It's common sense that this should be taught by the parents, but many parents don't teach that responsibility.
Teaching money management in school is a skill they can actually use, unlike most of what they learn in school.
I've seen college grads with good grades that can't balance a checkbook.
I don't know how you can come to that conclusion. If a person is willing to risk their life in service they show enough responsibility to me and to many other people here that they should be allowed a lousey credit card. I didn't know about this bill. Probably a dumb move. Alot of people in this age group supposedly voted for Obama.
It's getting to where ours stinks also, but hopefully that is going to change.
I've spent a fair amount of time in Louisiana. It's different, especially the southern part.
It was isolated for decades because of the swamps.
It was big on plantations back in the day.
The state of Louisiana knew about the dangers of New Orleans being below sea level since at least the 19th century.
First and foremost, the mayor of New Orleans and the governor failed to do their job.
Real gumbo looks like ditch water.
Last edited by Area52; 09-14-2009 at 08:09 AM.
You'd think so but apparently Americans don't think at 18 they are responsible enough to drink. After seeing so many people drown in debt and claim bankruptcy before the age of 21, I can't see this bill as being bad even if it does cause problems for those who would actually be responsible.
Very good move, in my opinion.
Excessive spending in the US is one major reason why we have a global recession now. Bush wanted every American to live in their own house, but that was an unrealistic demand leading to millions of Americans buying houses they could not afford.
Credit cards make it too easy to spend money you don't have, so it makes perfect sense to introduce stricter rules that require young adults to prove they have sufficient income before they can get a credit card.
Last edited by dodo1; 09-14-2009 at 08:58 AM.
Here you go Dale;
Please vote Republican in 2012, America can not sustain another 4 years
of Liberal policies that are fiscally and socially destroying the country..
It is only logical that citizens of a country are angry while their economy is in a deep recession. This is usually falsely blamed on the administration currently in office, because people do not consider that it was the previous administration's actions that led to the now miserable situation.
But to stay on topic, the Obama administration's decision to restrict the use of credit cards makes perfect sense and is one important piece in the puzzle of how to get people to reconsider their consumer behavior. (Only spend money if you have money.)
I hope not.....
Regardless if it does or not, The bottom line remains; This bill prohibits responsible adults from establishing credit at a time when they need to.
Please vote Republican in 2012, America can not sustain another 4 years
of Liberal policies that are fiscally and socially destroying the country..
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