The credit card act of 2009 is helping young adult and protecting them. The credit card act was sign into law on May 2, 2009. Before the credit card act sign into law, young adult from 18-21 years of ages are getting attack by the bank industries, what the bank do is sending out thousand of offer like low interest rate and get the young adult and student hook on the system and then rise the interest later on. Most of those young adults end up in a big debt. The credit card act restrict all of that, the act will protect young adult from the banking industries.
The new law that changes the rules of the banking industries is the credit card act. What the act do are; card issuers generally can’t increase the annual percentage rate with out a good reason, giving cardholders more time to pay monthly credit card bills. The laws also include several measures aimed at protecting young consumers and college students. Young adult can’t sign up for a credit card unless they have a job and be able to paid monthly payment or have a co-signer. Some credit card companies offer students token gifts, pizza or free meats just for applying. But the credit card act will outlaw this practice. ( a special guide… internet).
Some peoples believe that the new provisions relating to consumers under the age of 21 are both unfair and unwise. They argue that since 18 is the age of majority, individual age 18-20 should have the same rights under the law as peoples 21 and over. I’m disagree the bank industries should only offer credit card to young that have a stable income and be able to pay monthly payment. The credit card act state that, “companies are restricted from making prescreened offers of credit to someone under 21.” ( New law protect… internet) this is a great thing because back then bank be mailing...
Please join StudyMode to read the full document