Once our new president stepped into office he began his effort to increase the age limit for credit card owners. The reason for this was that too many young people were getting into extreme debt. Obama hopes
that the increase in the age limit will put a dent in the nations debt problems. Credit card companies were setting up stands on college campuses and convincing students to open up their own credit. They were even offering free t-shirts with their college names on them with the purpose of luring the students in. As of February 22nd, you must be 21(was 18) in order to have a credit card without a cosigner that is also 21. I strongly agree with the change. I'm not saying that an 18 is not responsible enough to have a credit card, I just believe that it is wrong for credit unions to be offering credit to students who's primary income is their parents. There have been too many stories about kids burying themselves in debt and in some cases, killing themselves because they feel that there is no way out. By age 21, most people are near done with school and are starting their careers, this is a good time
to start your credit because you need money for starting different parts of career and your life. Now what are some reasons why teenagers should be allowed credit? They need to build a credit history so they can apply for loans such as a car loan. Also, with a decent credit score, it shows that the person is responsible and trustworthy. This could be very helpful with getting a job in the future, but what if the person has not gained the responsibility to build a good credit score and starts to go downhill.
Youtube Video- http://www.youtube.com/watch?v=KKkv2aEPOiM
that the increase in the age limit will put a dent in the nations debt problems. Credit card companies were setting up stands on college campuses and convincing students to open up their own credit. They were even offering free t-shirts with their college names on them with the purpose of luring the students in. As of February 22nd, you must be 21(was 18) in order to have a credit card without a cosigner that is also 21. I strongly agree with the change. I'm not saying that an 18 is not responsible enough to have a credit card, I just believe that it is wrong for credit unions to be offering credit to students who's primary income is their parents. There have been too many stories about kids burying themselves in debt and in some cases, killing themselves because they feel that there is no way out. By age 21, most people are near done with school and are starting their careers, this is a good time
to start your credit because you need money for starting different parts of career and your life. Now what are some reasons why teenagers should be allowed credit? They need to build a credit history so they can apply for loans such as a car loan. Also, with a decent credit score, it shows that the person is responsible and trustworthy. This could be very helpful with getting a job in the future, but what if the person has not gained the responsibility to build a good credit score and starts to go downhill.Youtube Video- http://www.youtube.com/watch?v=KKkv2aEPOiM
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