The US Federal Reserve has issued several new rules that limit banks’ abuses on consumers with credit cards such as limiting dramatic interest rate increases and decreasing credit limit amounts without warning. But among the new rules to go into effect on February 22, 2010 is that banks can no longer issue credit cards to anyone under 21 years-old without a young person proving the ability to make the payment or the signature of a parent or guardian. This content is restricted to subscribers only! If you are an existing subscriber, please login.
Obviously this could be a good thing in that there may be less young people in debt in the future at such an early age, but the rules will also clearly effect how youth culture shops, particularly for online goods.
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