Hitting the big 18 means you can vote, you can get married without your parents consent, but getting a credit card is not on the list of things you can do at 18 without parental support. A new law enacted by president Obama, in February of 2010, bans credit cards for those under the age of 21 without parental co-signing, unless they have enough income.
Speaking with a former instructor, Jack Stone in the Business department, he recanted about the differences between his son and his daughter in the ways of financial intelligence. "If the law was the way then as it is now, I would say no to co-signing for my son to have a credit card," said professor Stone. Though if his daughter had asked he would have gladly signed for her to have a card, since her financial intelligence was higher of his son.
Sending an email to my mom, Sue Barnhouse to get her thoughts on the credit card law, since she is an accountant for Les Schwab tire company, she has knowledge of how credit works. "The human brain isn't fully developed until after the age of 25, and the ability to predict future consequences is one of the last functions to mature," Sue Barnhouse said.
At a glance:
What: Credit card act of 2009
When: Effective February 2010
Who does it effect: Those under the age of 21 trying to acquire a credit card.
No comments:
Post a Comment