I came from an era where it was easily to get credit cards and I did use it to my advantage to build a good credit history. At the same time, recent practice of giving 18 years old college students credit cards with $5,000 or $8,500 limits are asking for troubles. In fact, some may say entrapping them to troubles.
From CNN “Under 21? Getting a credit card just got tougher” (emphasis added),
For better or worse, new laws that take effect on Monday are poised to curb the proliferation of credit cards on college campuses, making it tougher for Perretta, Bush and other students to get credit cards.
Last May, Congress decided to crack down on credit card companies and passed a law ushering in sweeping changes for the industry. The laws make it harder for card issuers to raise interest rates unless a cardholder is at least two months late on a bill. […]
The biggest new obstacle for those under 21 will be getting a co-signer, which can be a parent or any adult willing to put his own credit score on the line.
If those under 21 can’t get a co-signer, then they need to show they have the financial ability to pay off a credit card. Banks will determine that threshold.
Filed under: Business, Economics, people, united states 
