What is Digg?159 Comments
- aussiejan, on 07/22/2008, -15/+56This needs to happen. There are too many young people starting life drowning in debt - credit cards, mobile phones, car loans etc. If they can't afford to pay the bills (and most can't) they shouldn't be able to sign up for the credit card or mobile phone contract.
- BowieX, on 07/22/2008, -12/+49Another example of Congress favoring the penalising of businesses over the the education of the masses. How about making sure the American public is as knowledgeable and wise as it can possibly be and placing the responsibility of their actions on themselves?
Why is everyone so scared of being responsible for their own lives? (Yes, I do know the answer. It was rhetorical. You can't expand government if the public can take care of itself.) - digifuzz, on 07/22/2008, -11/+37They (credit card companies) shouldn't be allowed to hunt (it -is- hunting) inside college campuses. Neither should army recruiters, while we're at it.
- pneininger, on 07/22/2008, -4/+30This is ridiculous. If people get credit cards and are not responsible for their own finances and end up in debt, then that's there own problem. When are people gonna grow up and learn to take some responsibility.
- whatthefu, on 07/22/2008, -4/+26I'm in college and I earn money and use my credit card sparingly and responsibly. Why should you or the government be able to tell me what I should and should not do just because "young people" seem to be doing "this and that"?
- newtrip, on 07/22/2008, -3/+24What will I do without all the free T-Shirts, beer coozies, and worthless trinkets? Oh noooes!
- Dotcommer, on 07/22/2008, -3/+22This strategy could work, but at the same time, if you can't get a credit card, you can't start building up credit so that you can do things like buy a car, or find a place to live, making it even harder for those starting out..
- inactive, on 07/22/2008, -6/+22Some students aren't responsible about their finances, most manage their credit card obligations well.
- JonForTheWin, on 07/22/2008, -2/+17***** that. It's not the government's job to baby-sit your dumb ass. I'm 19, I have three credit-cards, and my ***** gets paid on time. ***** the rest of you.
- TruthinessSpy, on 07/22/2008, -0/+14This is really absurd. I'm a student, and have eight credit cards and all have a zero balance. I use my cards, pay them off and get the freebies when I sign up for them.
Anybody who thinks that a credit card = "free money" shouldn't be in college in the first place.
Time for these young adults to take responsibility. I do it, my friends do it. It's really not that hard. - whataboutdave, on 07/22/2008, -5/+17Let me get this straight: Because some people can't manage their personal finances, we ought to make it legally more difficult to get credit? Golly gee.
All this does it put the training wheels on for the dummies and cripple those who are actually responsible. If you're not foolish about it, credit can be a godsend.
A few idiots always need to ruin it for the rest of us. - Worldchrisis, on 07/22/2008, -0/+11I really disagree with this, the solution to students getting in credit card debt is too educate students about how credit cards work and effective strategies for using them and not using them, not banning college students from having them. That's just stupid. Congress' job is not to legislate away the penalty for stupidity, and in doing so infringe on the independence of those who do have the responsibility to properly use a credit card.
- inactive, on 07/23/2008, -0/+10+1. I have 2 and I rape them for rewards points. I pay my rent, utilities, car payment - everything on 1 CC. I pay it off at the end of the month. I get 2x for utilities, and etc. My other CC I use for daily expenses.. it gets paid off at the end of the month, too. This unclutters my banking statement, and you get extra protection with CC's. Plus, I get free ***** every other month with my rewards programs. Countless $25 best buy gift cards, NFL Merchandise. Man, it has it perks. You just have to know what the ***** you're doing.
- Spudster, on 07/22/2008, -1/+10It's not like they're stopping you from getting a credit card. They're outlawing a predatory business practice that preys on the financial naivety of new students.
- Spudster, on 07/22/2008, -2/+11How about military recruiters at job fairs?
I say this because my student union at UVic banned military personnel from attending their career fair. - Shogi, on 07/22/2008, -5/+13Please make it happen, I am so tired of getting credit card offers. It's absolutely absurd. I have a check card and it's all I need, so I only spend money I actually have and don't get caught up with interest rates and *****.
- SocialPoison, on 07/22/2008, -0/+8Career Fair is different... but when I was at Uni they were all over the damn place constantly.
- RyKSych, on 07/22/2008, -0/+8You have no one to blame but yourself, for your problems.
- McMaster88, on 07/23/2008, -0/+8I'm in the same boat as you dude, if you cant pay the bills don't buy it. There is a thing called planning. Don't go to the Honda dealership and get a loan to buy a car with no down payment and then hope that you can pull $300/mo out of your ass plus insurance and gas. ffs people.
- rald84, on 07/22/2008, -2/+9thats too bad, its so easy to rack up frequent flier miles when they give you 20K bonus miles on first purchase
- rz8472, on 07/22/2008, -0/+7Steal them while your friends are passed out?
- Nateon, on 07/22/2008, -0/+7I don't think they should necessarily make getting a credit card hard to get. People need to establish some credit so that later on they can buy a home, get a car, etc. The only thing worse than bad credit is no credit at all.
- PopcornDave, on 07/22/2008, -1/+8When Congress stops holding their hands?
Congress should really be passing laws that negate any debt if the lender uses deceptive practices or knowingly gives credit to someone who they know is not going to be able to pay it back after the lender does a credit search and it comes back negative. - frostedflakes, on 07/23/2008, -0/+7Now all they need to do is dissolve the racket that is the college textbook industry.
- Spudster, on 07/23/2008, -1/+7I agree with you on that aspect. Raising the age limit is an unfair restriction on freedom. However, stopping companies from advertising on campus isn't.
If you have a bad relationship with your parents, but have a good accumulation of wealth from previous jobs built up, there is no reason why you shouldn't be allowed sign yourself up for one. - whataboutdave, on 07/23/2008, -1/+7@ Taiyoryu
It may not hamper your ability to start out, but against someone who has been building his credit history since high school (me) you will never get competitive terms. All things being equal, it will take you years to catch up. - res8qr6m, on 07/22/2008, -0/+6As a college student, qualifying for a credit card was painful enough for me considering the amount of paperwork I was required to provide such as grades and official copies of my tuition bill. It seems to me that this law would make it even harder to begin building good credit early on, which may come in handy during one's graduate years. Maybe, setting lower credit limits for college students (like starting out with a couple of hundred dollars) that would gradually increase as the individual shows responsibility would be a better idea?
- esfisher, on 07/23/2008, -1/+7They should make mistakes. That's how they learn to get better at managing their finances.
- inactive, on 07/22/2008, -14/+20yay big brother here to trump personal responsibility and become my nanny!
*throws confetti* - rz8472, on 07/22/2008, -1/+6Like it or not, it will affect the rest of us if they don't do anything. I guarantee you that credit card companies will feel compelled to raise their general interest rates to compensate if those who you refer to fail to own up to their financial responsibilities.
- whataboutdave, on 07/22/2008, -1/+6Why should I - a responsible lender - have less access to credit? Because your friends are idiots?
- TheSpook, on 07/22/2008, -5/+10Won't somebody think of the children?! Oh yeah, they're adults.
Making harder for college students to qualify only hurts those who are responsible. Irresponsible people will find other ways to be irresponsible with their money. - feliks2, on 07/22/2008, -1/+6The way you put it, its not so bad, but requiring a parent/guardian to co-sign is absurd. Your supposed to be legally an adult at 18 (don't even get me started on drinking laws), and while its perfectly okay to accept or not accept help from your parents or whomever, being legally obliged to recieve that help is a terrible idea, even you don't actually have to have a creedit card. Aside from ***** with when a person is supposed to reach legal independancy, it would be terrible for people with parents who are really poor or for people who don't talk to their parents .
- whataboutdave, on 07/22/2008, -0/+5Now they will fall into crushing debt *after* they graduate. Progress? I think not.
Let them learn the lesson the hard way if they must. The government isn't there to clean up after your irresponsible decisions. - borez, on 07/23/2008, -2/+6Good, credit cards ( if you default ) are the modern day equivalent of Victorian loan sharking.
- personalj, on 07/23/2008, -0/+4Your fault entirely, maybe if they foreclose on your property my mutual funds will go up.
- bieber, on 07/23/2008, -0/+4Junk mail is a pain in the ass, but credit cards also have their own advantages. As long as you make sure to pay it off every month (and you seem to be already in the habit of only spending money that you have), you never have to pay interest, and you can start building a credit rating that will come in might handy when it comes time to buy a house/car/etc.
- McMaster88, on 07/22/2008, -0/+4You are complaining about 3 grand in debt? Get a job that pays more than minimum. ***** son. I'm 20, and I'm 22k in debt, but I am able to pay the bills every month, and then some (and by some I mean plenty more).
- Changa, on 07/22/2008, -2/+6As soon as companies decided to be responsible in how they give out credit.
Responsibility goes both ways. - inactive, on 07/22/2008, -2/+6Huffington Post likes any idea of government control over individuals and businesses.
individual freedom & personal responsibility >>>>> equality & nanny state - dannyboy3020, on 07/22/2008, -1/+5Although you are right, that is besides the point. The fact is, credit card companies do "prey" on students, and that should be stopped.
- Mothrog, on 07/23/2008, -2/+5How is that not a valid point here?
- bagelmaster, on 07/23/2008, -0/+3Really? 3 grand? Is that even really debt or just one month of missing payments
- bagelmaster, on 07/23/2008, -0/+3^^Doing the above. It also makes paying for gas easier than using cash... and slightly less painful because it's just "numbers in an account" and not physical cash I have to hand over.
- Taiyoryu, on 07/23/2008, -1/+4There's this new money system where if you provide a good or service you get paid for it. I think they call it "work".
- Harbinger67, on 07/23/2008, -0/+3The military should absolutely be allowed to appear at job fairs; the military IS a career path that many choose and thrive in. Giving them special privilege to farm for warm bodies whenever they please is a different story.
- feliks2, on 07/22/2008, -0/+3Awwww, is someone angwy??
- tyboulder, on 07/23/2008, -0/+3I think the term "predatory" is key here. Anyone familiar with the details of the housing crisis? I graduated from college, with no job, virtually no credit and a total limit of $40,000 on 3 or 4 cards. This has nothing to do with the normal usage of credit you uptight *****. :)
- madmanz123, on 07/22/2008, -1/+4Actually the majority I know of make at least a few mistakes. These are otherwise smart and educated people.
- personalj, on 07/23/2008, -0/+3I think they went ahead with that, I haven't gotten a call since.
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