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Should parents have to co-sign for a credit card if their college student is under age 21?

Response Percent Votes
Yes
 
58% 845
No
 
40% 581
Not sure
 
1% 22
Total 1448

Comments

sickofittoo 4 years, 1 month ago

People anymore think it's a right to have credit card. Wake up it's not a right it's something you have to qualify for and if you don't tough. That means you don't need one. That's whats wrong with the United States today. People work hard to have good credit and those with bad credit whine and cry and now all the rules have changed. Suck it up. If you can afford it you don't need it.

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balishag 4 years, 1 month ago

Of course you shouldn't have to cosign. Why would you? 75%+ of Americans are in debt. Responsibility needs to be taught from responsible parents. I got my first credit card when I was 18. I'm 23 now. I never missed a payment from day one. My credit is now exceptional.

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Sean Livingstone 4 years, 1 month ago

"infidel (anonymous) says... Let's say your in Iraq or Afghanistan, u have to have a card to get just about anything. It is not like the days of old when you just get handed your paycheck in currency. In fact the amount of cash you can have is very limited. Yes there are very real needs for troops to buy things the military does not issue, or it breaks and your responsible to have it. The only way to get many things is online with a store that will ship to an APO or FPO and many store will not ship to them."

I say being in the military qualifies to be a stable job. So, yes, credit card for them.

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windjammer 4 years, 1 month ago

I think if you will check sourpuss the draft has been gone for years. The teens in the 60's and early 70's used that one when they raised the drinking age.

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mkierl 4 years, 1 month ago

Fix the problem (the outlandish rates and the predatory tactics).

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thefisherman 4 years, 1 month ago

If people would start realizing the only things they can afford to buy are the things they can afford to pay cash for (with the exception of a home and some business needs), none of this would even have to be discussed.

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Roland Gunslinger 4 years, 1 month ago

lawrenceRezident is so blatantently ignorant of the military he/she shoud keep their mouth shut on the subject.

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Kat Christian 4 years, 1 month ago

I have no problem with the draft at 18, but they shouldn't be sent into combat until they reach 20+. Kids today are different from my generation - too immature and irresponsible (not all, but most). Society has changed to where everything is about the way you look, the things you have and the car you drive, which leads to young people wanting it all without really working for it. If an 18 year today should not have a credit card without a parent monitoring it. Since credit cards came into existence and they are probably here to stay it is just one more thing a parent needs to teach their child how to work before them become a bonified adult at 21.

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tange 4 years, 1 month ago

Parents of college students... yes. Parents of non-college students... no.

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macon47 4 years, 1 month ago

gee what a novel concept?? People without a stable job or biz should never be given a credit card.... period.

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infidel 4 years, 1 month ago

Let's say your in Iraq or Afghanistan, u have to have a card to get just about anything. It is not like the days of old when you just get handed your paycheck in currency. In fact the amount of cash you can have is very limited. Yes there are very real needs for troops to buy things the military does not issue, or it breaks and your responsible to have it. The only way to get many things is online with a store that will ship to an APO or FPO and many store will not ship to them.

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Sean Livingstone 4 years, 1 month ago

People without a stable job or biz should never be given a credit card.... period.

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Centerville 4 years, 1 month ago

Isn't 18 considered majority, by law?

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mr_right_wing 4 years, 1 month ago

This administration is guilty of fiscal child abuse. We have no clue how tomorrows kids are going to pay back all the money Obama is carelessly throwing around. Because if that, I don't see tomorrow's kids desiring to put much money into helping us when we all get old, since we're the ones who have already broke their backs financially!

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jonas_opines 4 years, 1 month ago

Grammaddy: Put your address on the bills, and get montoring powers. Make sure they agree to it beforehand.

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grammaddy 4 years, 1 month ago

I'll co-sign when I can keep it in my wallet. No sense in destroying both our credit histories.

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jonas_opines 4 years, 1 month ago

"I don't need to spell"

That's true. It probably doesn't make a whole lot of difference, for you. Certainly too little to help things.

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compmd 4 years, 1 month ago

How many college students have jobs that make them enough money that they can pay income tax? Banks shouldn't be handing out credit cards to people with no income, and students generally have no income.

Its just like saying "let's give mortgages to people who can't pay for them!" That worked wonders for us, didn't it?

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sourpuss 4 years, 1 month ago

Well, some students don't have parents, either because of deaths or because they are toxic people. 18 is an adult, period. You have to take care of yourself at some point.

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Healthcare_Moocher 4 years, 1 month ago

beatrice (anonymous) says... moocher, quick, spell "Socialist."

Since when have I not been a part of America's form of capitalism? Are you so brain dead that you really think Americans who aren't flag-waving Republicans are Socialists? Well, guess what, living in your parents' basement is a form of socialism. Time to earn your own keep, moocher.


I don't need to spell, I have people like you that can spell, but know nothing about how life, business or providing for yourself works. BTW... you have a window in your moms basement, I do.

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Godot 4 years, 1 month ago

If the government would let banks and finance companies fail when they make bad loans, then perhaps these institutions would stop handing out credit cards like they are library cards. It is the lenders' responsibility and prerogative to determine who is a worthy borrower. If they issue a card to a teenager (or anyone, for that matter) with no or bad credit history and no ability to pay, they should pay the price for their bad judgement and be forced to eat the ensuing loss. They would soon realize that it just isn't good business to do that. Unfortunately, that is not happening. Banks make bad loans, and the taxpayers eat the losses.

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beatrice 4 years, 1 month ago

moocher, quick, spell "Socialist."

Since when have I not been a part of America's form of capitalism? Are you so brain dead that you really think Americans who aren't flag-waving Republicans are Socialists? Well, guess what, living in your parents' basement is a form of socialism. Time to earn your own keep, moocher.

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LoveThsLife 4 years, 1 month ago

LawrenceResident

It's not when they are deployed that is the issue...it is when they are at home that they usually have a problem. Mainly buying cars that are too expensive, flat screen televisions and the list goes on and on and on....

If you ever go to a military town you will see many retailers and dealerships advertising in a way specifically targeted at young, naive, immature military men and women.

Many times if they come home from a deployment they have a big spending spree to "celebrate" which is huge for restaurants and retailers.

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jonas_opines 4 years, 1 month ago

That's like a birdie, isn't it? Two posts?

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jumpin_catfish 4 years, 1 month ago

Are you an adult when you are 18, can you go to war and die at 18? Perhaps, as a parent I can cosign for my kid to go to war also. If I don't sign he don't go.

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Healthcare_Moocher 4 years, 1 month ago

Jonas, Jonas, Jonas... I am so glad we have a self appointed, know it all, forum nazi. You too, someday I hope to welcome to the club.

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lawrenceRezident 4 years, 1 month ago

18 with life to go... (making credit card payments)!

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txron 4 years, 1 month ago

AT EIGHTEEN IT IS TIME TO MAKE YOUR LIFE

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jonas_opines 4 years, 1 month ago

I'm with Vertigo here. No co-sign, just a limit. I suppose in a free market system the market could set the limit, because these companies would fail due to their predatory practices because the repayment rate would keep them in the red and they'd not get bailed out.

But hey, if this were heaven we'd all drink honey mead and ambrosius from horn that never emptied, and have fish and bread from loaves that endlessly multiplied. That sounds wonderful, too.

Healthcare_Moocher (anonymous) says...

"Now all of a sudden you are a capit(a)list. Welcome to the real world Beatrice!"

Yes, the real world. Where the majority of people probably have more than a 0/100 view on the concept of economic practice and policy. You might try it sometime.

Not that I expect that you will.

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lawrenceRezident 4 years, 1 month ago

I am so sick of my generation expecting everything RIGHT NOW! Why do young people such as myself not learn a little practicality! Pragmatism people!

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lawrenceRezident 4 years, 1 month ago

Ok, the military thing cracks me up! Seriously now... Let's say your in Iraq or Afghanistan... What are going to use your credit card for? Does Kandihar really have a quick trip? WTF? So bored that you have to get on the internet and order things to suffocate your credit rating? Or, wait... Maybe you should buy a new vehicle that will set at the base while you are deployed for the next year! Instead of spending your time buying things get a college education and spend time trying to advanced within your respective branch.

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LoveThsLife 4 years, 1 month ago

"Are you going to tell me a 20 year old E-4 in the military- having been in 2-3 years; deploying every 15 months for 6 months at a time should have to call mommy and daddy if he/she wants to get a credit card"

Having moved from a military town recently and seeing what those young kids get duped into buying...I don't think it is a bad idea. The military has a huge problem with service men and women being in over their heads in debt.

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lawrenceRezident 4 years, 1 month ago

tomatogrower:

Im in total agreement with you, however, the credit card industries prey on those kids... And, as you are probably well aware of there parents most likely didn't handle their credit well either... Hmm... Makes me think that in order to obtain a credit card you should have a class to understand what it really means to have credit... Some people might disagree, but why do we want young kids selling their respective futures out for the gain of corporate loan sharks?

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tomatogrower 4 years, 1 month ago

Kids need to grow up. If they have to learn the hard way about credit cards, so be it.

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tomatogrower 4 years, 1 month ago

Kids need to grow up. If they have to learn the hard way about credit cards, so be it.

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RETICENT_IRREVERENT 4 years, 1 month ago

Yes, because that is the law thanks to: Barney Frank, Maxine Waters, Luis Gutiérrez, Stephen Lynch, Keith Ellison, Steve Cohen, Chaka Fattah, Maurice Hinchey, Jim Langevin, Jerrold Nadler, Carol Shea-Porter, Hilda Solis, Peter Welch, Albert Wynn, Peter DeFazio, Charles Gonzalez, Gene Taylor, David Obey, Mazie Hirono, Debbie Wasserman Schultz, Nancy Boyda, John Dingell, Corrine Brown, Bennie Thompson, Alcee Hastings, Yvette Clark, Jesse Jackson, Danny Davis, Kirsten Gillibrand, Eddie Bernice Johnson, Diane Watson, Michael Arcuri, Eliot Engel, John Tierney, Chris Van Hollen, George Miller, Jim Moran, Anthony Weiner, Neil Abercrombie, and Jan Schakowsky.

The Credit Card act of 2009 also prohibit the Secretary of the Interior from enforcing any regulation that prohibits an individual from possessing a firearm in any unit of the National Park System or the National Wildlife Refuge System.

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pooter 4 years, 1 month ago

This is just one more liberty our government has now taken away.

If you can vote and serve in the military at 18 and be held accountable as an adult for every other decision you make then you should also have every right to get an unsecured credit card if you so desire and then buy an alcoholic beverage to celebrate.

*

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Roland Gunslinger 4 years, 1 month ago

Co-signor: No Setting maximum amount on limits for those under 21: Yes ($500 - $1000 is a good range) Lower Max APR on all credit cards: Yes (no way people should be getting charged 29.99%)

Are you going to tell me a 20 year old E-4 in the military- having been in 2-3 years; deploying every 15 months for 6 months at a time should have to call mommy and daddy if he/she wants to get a credit card?

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gsxr600 4 years, 1 month ago

I got a credit card when I was 18. $500 limit. You can't do a whole lot of damage with that. It is absolutely ridiculous to have to get a cosigner between the ages of 18 and 21. Lulz.

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remember_username 4 years, 1 month ago

As I understand the law a co-signer is responsible for the debt if the person who incurs the debt fails to pay. If parents want to co-sign in order to lower the interest or other conditions that's fine. But to require a guardian to co-sign is a too much. In the past one had to earn a credit card by showing an income and reasonable credit history. Now these card companies are on campus sidewalks passing credit out like crack dealers giving out "free" samples. There's the problem right there. Sure personal responsibility is important but we don't blame the victims of a con for getting taken. I know credit card reps are not con artists, but the line is getting pretty narrow.

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Kathy Getto 4 years, 1 month ago

Bea, didn't realize you were a capitolist. HAHAHA do you frequent capitol buildings around the country?

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Healthcare_Moocher 4 years, 1 month ago

beatrice (anonymous) says... Wouldn't that be up to the credit card company to decide?


Now all of a sudden you are a capitolist. Welcome to the real world Beatrice!

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beatrice 4 years, 1 month ago

Wouldn't that be up to the credit card company to decide?

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Multidisciplinary 4 years, 1 month ago

Don't forget to add in the 'I know better than my parents, I'm a grown up now' train of thought many 18+ yr olds have. You teach them not to smoke, drink, run up credit, how to balance a checkbook, put money into savings, not waste money on frivolous items,no tats, no bad friends, no dangerous jobs, always have car insurance, etc etc...

and they move out, perhaps go to college and do the exact opposite of what they were told because 1) daddy and momma aren't in control any more 2) they're adults, they can manage it right? And before they can blink, something comes up, they charge a bit more, have to cover something elsewhere they didn't expect so the daily expenses go on the card..

The kid's debt crawls up the scale, with interest, some late payments the kids can't afford, and before you know it, they owe a couple of grand on what began as a few charges here and there.

I vote yes. I know too many kids still struggling to pay off charges that began in 2002 as kids right out of high school.

The cards are set up with the full intent to make as most money as possible from people in that situation. Last I was heard, CC's were the 3rd most profitable industry in the US because of those practices. That is why the bankruptcy law books are a few inches thick, to protect people from the entrapping business methods.

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fan4kufootball 4 years, 1 month ago

The thing is that the credit card companies "target" college kids while they are still students. Most students do not yet have full time employment or consistent employment. Therefore - they should not qualify for credit - esp unsecured credit. It is wrong and greedy of these credit card companies to "encourage" these young people to begin their working phase of life with debt.

So if you over 18 and have qualifed (just like everyone else) for credit then okay. But if you still a student then no.

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nut_case 4 years, 1 month ago

Would be interesting to see the % of people above 21 in credit card debit as opposed to those below. Calendar age does not = wisdom much of the time.

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texburgh 4 years, 1 month ago

Sourpuss is not totally wrong but he/she ignores the fact that so much has changed in our economy and financial practices.

I got my first credit card at age 23 - after college and a year of full time employment. And even then the limit was very low. There were no predatory credit card promoters crawling around college campuses or mailing "you're pre-approved!" letters to me every week. I had the experience of walking through target with my 14 and 15 year old sons. An employee with a clipboard asked me if I wanted a credit card. When I said no, he turned immediately to my sons and asked them! Go into any store - when you check out they ask if you want to save 5% today by signing up for a credit card.

You can teach finances to your kids, you can work hard at it, but out in the real world, they will be bombarded. Too many young people are way to far in debt. Parents need help in order to protect their kids from predatory practices that will only result in long term harm.

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sourpuss 4 years, 1 month ago

Last I checked, a person was an adult in this country at the age of 18.. aside from the antiquated drinking laws anyway. If you can vote and be drafted, you can get your own credit - and you should. Maybe if these parents taught their children about finances BEFORE they turned 18, then their kids might not run out and squander their futures on iPods and video games.

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