Description: This month, large parts of the credit card bill that President Obama signed into law in 2009 go into effect. Among them are rules governing credit card use by anyone under 21 years old. Starting Feb. 22, they can’t get a credit card unless they have an independent source of funds to pay the bills. Failing that, they’ll need a parent to co-sign the application (and submit written permission before the credit limit can rise).

Source: NYTimes.com

Date: 02/12/2010

Link: http://www.nytimes.com/2010/02/13/your-money/credit-and-debit-cards/13money.html?ref=business

Questions for discussion:

• What do you think of this legislation in terms of fairness to all parties involved and in terms of the role of government? Explain your thinking.
• Do you think this legislation will affect behavior patterns?