March 14, 2014 |
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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.
I agree with sourpuss.
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.
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.
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.
Wouldn't that be up to the credit card company to decide?
Bea, didn't realize you were a capitolist. HAHAHA do you frequent capitol buildings around the country?
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.
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.
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.
Kids need to grow up. If they have to learn the hard way about credit cards, so be it.
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?
"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.
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.
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!
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.
AT EIGHTEEN IT IS TIME TO MAKE YOUR LIFE
18 with life to go... (making credit card payments)!
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.
That's like a birdie, isn't it? Two posts?
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.
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.
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.
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.
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?
"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.
I'll co-sign when I can keep it in my wallet. No sense in destroying both our credit histories.
Grammaddy: Put your address on the bills, and get montoring powers. Make sure they agree to it beforehand.
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!
Isn't 18 considered majority, by law?
People without a stable job or biz should never be given a credit card.... period.
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 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.
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.
Fix the problem (the outlandish rates and the predatory tactics).
Hurrah for the nanny state!
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.
"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.
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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