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Wednesday, January 11, 2012

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Comments

Michael

The reference in the paper to Microsoft, Dell and Facebook did not mention whether their founders used credit cards as a financing means or to pay personal expenses in lieu of regular employment that would have distracted them from developing the innovations that led to the companies we now know.

I don't know... I get the argument, but irresponsible use of credit at an early age is harmful. Until the education system focuses the attention of the nations youth on the true cost of credit prior to reaching majority age, 21 works.

Banks lose a 3 year demographic to market debt to young adults. I am sure that ticks them off.
I am sure every profit facet of the alcohol beverage industry would like that 3 year window too.

Steve Rhode

I agree. It does not make much sense to me as well. I'm not convinced that waiting three more years will help much either. Few personal finance courses are taught to college ages students. And if they were they'd never take out student loans in the first place. Want to talk about terms that result in financial slavery, look at student loans.

If we wanted to protect 18-21 year olds we'd let them have access to credit but limit the amount of their credit granted. The same impactful and life long lessons can be learned struggling to make payments on a card with a $500 limit and will be less painful than a 21 year old with student loan payments and a $5,000 limit and balance due.

Let people have early access to a credit card with training wheels and give them the teachable moment.

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