Word on the street 2/23/10

How do you feel about the new rules restricting consumers under age 21 from applying for credit cards?

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“I do know a lot of people right out of high school that got into massive debt because of their credit cards. There’s not a sense of responsibility yet when you’re that young. Encouraging people to be more financially responsible would be a better solution — period.”

Melissa Wright-Shall,
sociology junior

“I think we’re responsible enough as adults to pay off our credit cards and you want to start building credit during college. You don’t want to get out of college and have no credit. What are you going to do then? Buy something without credit? You can’t.”

Jelena Paripovic,
mechanical engineering junior

“I think the rules should probably stay the same. Having a credit card at that age — you obviously have a lot of things going on and it has presented problems to kids in the past. I think if you can monitor it, it can be a good thing … I think it’s a good learning process for kids our age.”

Kevin Krogulecki,
environmental design graduate student

“I would say that I agree with the laws just because a lot of people don’t know how to use credit cards. A lot of people just go straight into debt when they get them. These new laws will decrease that and people will be safer from debt.”

Caroline Keson,
environmental studies and agriscience junior

“Usually parents can support you with a credit card or you have to go through their approval anyway. I feel (parents) would be able to know if it was good for you or not and control how much you’re spending.”

Eric Sebranek,
chemistry sophomore

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