Starting February 22, additional provisions of new rules initiated by the Federal Reserve will go into effect for consumer credit card issuers. One of the provisions will prohibit card issuers from opening an account for anyone under the age of 21 unless they can show proof of their ability to pay off the balance, or have a signature of a parent or an adult co-signor.
Is this a good thing? What are your thoughts? Does this help prevent college age young adults from getting into debt they can’t repay, or is this unfairly punishing those age 18-21? What roles should parents and government play here?