New Credit Age

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

No big plan's for New Years

New Year's Eve parties are not what they used to be. The City's Hotel's, nightclubs, and restaurants we're less than full on New Years and remained hungry for guests all night. Although that didn't apply to many of the city's flashiest parties, the tickets to those festivities we're 30-40% less expensive than last years. Tables, rooms and dancefloors remain empty on New Years 2008.

In my opinion I think the downfall of the ecnonomy is a huge learning experience. People that used to waste there money away on things that aren't necessary for their health or safety, and only feed into their luxury needs, are having a hard time adjusting to the new times. Vangie Baga-Reyes wrote on article for Inquirer called "Tough times force families to cut back on expenses. he states that "Every weekend Chelyn Santos and husband Arnold would treat their three young children to the mall, capping the day with a meal at a fast-food chain.
That was a year ago. Now, as tough times set in and belts are tightened, the family barely goes out to eat. The weekly "spree" has become a once-a-month occasion—only during the couple’s payday." Learning to use your money wisely and keeping necessities as your first priority isn't always easy for people with boatloads of money. In times like this, however, is when they wish they didn't spend 300 dollars on admissions to a new years party downtown. Although this article shows how people are cutting back and keeping their budget in line, for those who are used to the glitz and glam life are struggling with living their old life while also trying to make ends meet.

Although it is hard to see some results of the economic downturn, it is life and people are going to need to make changes in their business. They need to have their prices appeal to the people so that they are willing to pay. Other hotels, nightclubs and restaurants are lowering party prices and creating evening packages to try to lure guests in. Cyrano's Bistrot & Wine Bar brought it's menu down by $10, and now is it "pretty much sold out," said Didier Durand, chef and owner. The main reason is that large groups of friends are going back on their word of party plans, either because of lost jobs or they're tight on cash. Until the economy get's back on it's feet, expenditure outings will have to be cut off.

Sources: http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20080923-162315/Tough-times-force-families-to-cut-back-on-expenses

http://www.chicagotribune.com/business/chi-wed-new-years-eve-recession-dec31,0,3441566.story