New Credit Card Bill and People Under 21

by Brian Wolfman

Sections 301 to 305 of the new credit card legislation are aimed at curbing the credit card industry's very aggressive marketing practices toward college students and people under age 21. It is too early to say whether these provisions will be effective, as they depend in part on the content of yet-to-be-issued Federal Reserve regulations (sec. 301) and hoped-for responses by colleges based on a "sense of the Congress" as to what colleges ought to do to restrict credit card company practices (sec. 304). In any event, what is unusual about these provisions is that they seek to protect one small age group of adults, presumably on the ground that they are differently situated and/or more susceptible to abuse than other adults.

The law of every state treats people 18 to 21 differently from other adults with respect to drinking; people under 21 cannot lawfully consume alcohol in the U.S., except in very limited circumstances. But otherwise, 18 year olds generally are treated like other adults. Ratification of the 26th Amendment in 1971 gave 18 year olds the right to vote. 18 years olds, I believe, can marry in every state, even without their parents' consent. The bitter battles over whether young women may have an abortion, absent parental consent or judicial approval center, I believe, around girls under 18; I think that 18-year-old women have the same abortion rights as all other adult women. Compulsory school laws often require kids to attend school until age 16, but never, I believe, past age 18. 18 year olds can enter contracts and litigate on their own. And, perhaps most importantly, 18 year olds can serve in the military and die for their country (which is what led to the rapid ratification of the 26th amendment during the height of the Vietman War). And, I believe, 18 year olds can enlist without parental permission. (I believe 17 year olds can enlist, too, but only with parental permission.). My daughter informed me a few weeks ago that now that she's 18, she didn't need our signature on a permission slip for an extracurricular activity in which she was involved (even though many of the other kids, who were not yet 18, needed a signature from mom or dad). In short, age 18 is the age of majority in this country, with narrow exceptions.

I'm curious: Can you name other examples, like alcohol, where 18 to 21 year olds are absolutely prohibited from the activity? I can think of a few: They cannot serve in the U.S. House or Senate or as Veep or President. But neither can 21 year olds. Are there other examples? And what do you think makes credit cards at least somewhat like alcohol and not like military service?

Comments

[orexis online 50]

I'm opening an office shortly in Bratislava in the Slovak republic and
preparatory to meeting a lawyer there to give me more information on
this question, I'm looking for a short primer in English to the law
about employing people there. The things I'm interested in are such
things as a) Taxes and Insurance -what taxes and insurance is payable
by the employer and the employee at the different salary levels, who
are they payable to, when are they payable and so on, b) Pension
contributions - what compulsory pension contributions are there, what
options exist for employer funded pensions and so on, c) Working rules
- what are the rules about ehen people can work, how they work and so
on. Plus anything else you think is useful...

[orexis online 50]

I'm opening an office shortly in Bratislava in the Slovak republic and
preparatory to meeting a lawyer there to give me more information on
this question, I'm looking for a short primer in English to the law
about employing people there. The things I'm interested in are such
things as a) Taxes and Insurance -what taxes and insurance is payable
by the employer and the employee at the different salary levels, who
are they payable to, when are they payable and so on, b) Pension
contributions - what compulsory pension contributions are there, what
options exist for employer funded pensions and so on, c) Working rules
- what are the rules about ehen people can work, how they work and so
on. Plus anything else you think is useful...

[blackacre2a4life]

As a fairly recent college graduate (2002), it shocked me how many credit card companies were set up along the corridor from the freshmen dorms to the quad, where most freshmen classes were, during orientation and the first weeks of school. For students just out of high school and drunk on new freedom (and maybe beer), the allure of credit is obvious. I guess what I'm saying is that credit cards are more like alcohol, and having a "cooling-off" period before allowing a student to rack up crippling debt before they fully understand the ramifications may be a good thing.

[Credit Card Debt Assistance]

This is a very useful post. I do not agree with the laws that are coming into effect lately. But there is not much we can do.

[Credit Card Debt Repayment]

The laws that are being permitted nowadays makes no sense. Great post by the way.

[handbags]

Yeha very Useful information , this is both good reading for, have quite a few good key points, and I learn some new stuff from it too, thanks for sharing your information.

[health insurance quotes]

Good post Brian, Very informative article. Interesting. Wondering what other kind of new laws will be made in the next couple of years?

[Steve@Debt Help]

Great Bill... Great Blog!

[Brian Wolfman]

Hello. After many years at Public Citizen, I have moved to Georgetown
law school, where I will be a co-director of the Institute for Public
Representation (IPR) and head IPR's Civil Rights Clinic. You can reach
me at 202 661 6582 and wolfmanb@law.georgetown.edu.

If you want to contact the Litigation Group, contact Litigation Group
Director Allison Zieve at azieve@citizen.org.

Brian Wolfman

[amex merchant accounts]

American Express announced the launch of Credit card charges aquisition manager a free online personal finance service that helps cardholders manage their finances and rewards accounts in one, Cardholders now can link bank accounts, credit cards, investment accounts so that they can spot ways to spend and save smarter.

[Brian Wolfman]

Hello. After many years at Public Citizen, I have moved to Georgetown
law school, where I will be a co-director of the Institute for Public
Representation (IPR) and head IPR's Civil Rights Clinic. You can reach
me at 202 661 6582 and wolfmanb@law.georgetown.edu.

If you want to contact the Litigation Group, contact Litigation Group
Director Allison Zieve at azieve@citizen.org.

Brian Wolfman

[credit card deals]

Great post! Got to love how things change over time...you would never have seen this 10 years ago. I guess it is all part and parcel of the times we live in.
============================
Shane

[Brian Wolfman]

Hello. After many years at Public Citizen, I have moved to Georgetown
law school, where I will be a co-director of the Institute for Public
Representation (IPR) and head IPR's Civil Rights Clinic. You can reach
me at 202 661 6582 and wolfmanb@law.georgetown.edu.

If you want to contact the Litigation Group, contact Litigation Group
Director Allison Zieve at azieve@citizen.org.

Brian Wolfman

[Delta SkyMiles Credit Card]

Great post! Got to love how things change over time...you would never have seen this 10 years ago. I guess it is all part and parcel of the times we live in.

People are getting into financial stress at a much younger age then they were back 10 years ago so i think that this is a good move.

[Brian Wolfman]

Hello. After many years at Public Citizen, I have moved to Georgetown
law school, where I will be a co-director of the Institute for Public
Representation (IPR) and head IPR's Civil Rights Clinic. You can reach
me at 202 661 6582 and wolfmanb@law.georgetown.edu.

If you want to contact the Litigation Group, contact Litigation Group
Director Allison Zieve at azieve@citizen.org.

Brian Wolfman