Credit Cards and Our Nation of Children
Congress is about to pass “sweeping credit card legislation.” I don’t think it’s all that sweeping, and although overall I don’t particularly object to it, there are aspects of it that bother me.
Reassuringly for us curmudgeons, the bill is hardly revolutionary, largely a collection of modestly worthwhile reforms and regulations. There are rules about how interest rates can be raised and late fees charged. Most people will not notice any effects, and even those that do will probably forget about it in a year or two.
However, there is one aspect of the would-be law that is significant both in its impact on a small slice of the public and as a sign of the times. The just-passed Senate version of the bill outlaws credit cards issued to those under 21. The House version set the minimum age at 18. That’s a big difference in my book.
College, Credit Cards, Government, The Big Picture | Frank Curmudgeon | 
May 20, 2009 11:45 am | 
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