Friday, December 11, 2009

Bye Bye Credit Cards

By Shawn Chandok

On March 22, 2009 President Obama signed a new law that protects credit card holders from continuous billing practices. For example, credit card companies are now no longer allowed to raise the interest rate on your previous balance till at least 60 days have passed. This is reducing bills on top of bills for credit card holders. Although this may sound good for credit card holders, the worst is yet come. Now, according to the law college students under the age of 21 without a cosigner can only obtain credit up to 20% of their income. Since college student income is barely anything to get by on, what this means is students will have to get second or third jobs in order to use their funds. After the crisis, the government is taking no chances and aims to control or limit college student loans. In my opinion, I think this is a good idea however there should be some exceptions for some. For example, students who are independent should be allowed to take out a bit more than 20% because they strive on loaning in order to get through college.


1 comment:

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