Credit cards for bad credit from the beginning
The legislation, the Credit CARD Act of 2009, is intended to protect young consumers, but will make it considerably harder for anyone under 21 to get a credit card. The wallet full of student credit cards may soon be a thing of the past. On February 22, 2009, these changes take effect: * People under 21 must show evidence that they have "reasonable income," or enough income to pay off their line of debt. If they cannot show proof of reasonable income, they must have an adult cosigner who is willing to take on the debt if the younger person defaults. This restriction will hit young creditors the hardest.