the problem with credit cards today is that people under 18 cannot have their own. How can we instill hardworking qualities in our young people while denying them the right to use their money as they choose?
the problem with credit cards today is that people under 18 cannot have their own.
You can get a debit card from your bank. The reason it's illegal to give you credit (not that anyone would anyway) is that it's illegal for a minor to enter *any* kind of contract. You could maybe get one if your folks cosigned.
Being a teenager sucks, especially if you're ready to be independent. It gets better though. Just try to enjoy being 18 while you can!
The reason it's illegal to give you credit (not that anyone would anyway) is that it's illegal for a minor to enter *any* kind of contract. You could maybe get one if your folks cosigned.
I've always been baffled by people saying "you can't get a credit card until you're 18" stuff. I had a credit card during my entire senior year in high school and I didn't turn 18 until the summer after. Maybe Mastercard made a mistake or something but it sure made buying crap a lot easier. It's possible that one of my parents co-signed -- I honestly don't remember. But I never had any problems with it. In fact, I'm now in my early 30s and I still have the same damn card! (of course, I have multiple cards nowdays).
The reason it's illegal to give you credit (not that anyone would anyway) is that it's illegal for a minor to enter *any* kind of contract. You could maybe get one if your folks cosigned.
You left out the IANAL disclaimer, but that's ok, because it's damned obvious anyway. Do you really think it's illegal for a minor to enter into a contract? It only happens millions of times a day. I hope they don't haul them all off to jail.
They could give minors credit cards if they wanted to. It's just not a very bright thing to do. The problem, at least in the US, is that most contracts a minor enters into can be, by the minor, broken at will and without consequence. So credit card issuers don't like the idea of a kid going on a spending spree and then saying "I changed my mind and won't be honoring my agreement." But there's nothing illegal about it.
It's not illegal to enter into a contract as a minor. Minors can enter into any contract, but they can void the contract at their discretion, which is why most people won't enter into contracts with minors.
If the contract is voided by the minor, each party must be restored to the condition they would be in if the contract was never entered into. For example, if you sign up for a CD club as a minor (one of those deals where you can get 12 CDs for a penny, provided that you buy X number of CDs later), you can't just keep the CDs and never buy another. You have to return the CDs if you wish to void the contract.
If companies loan money to minors, they risk losing the interest since all a minor has to do is repay the amount loaned and void the contract. That's why they don't loan money to minors.
"Be there. Aloha."
-- Steve McGarret, _Hawaii Five-Oh_
a problem (Score:2, Insightful)
Re:a problem (Score:2)
You can get a debit card from your bank. The reason it's illegal to give you credit (not that anyone would anyway) is that it's illegal for a minor to enter *any* kind of contract. You could maybe get one if your folks cosigned.
Being a teenager sucks, especially if you're ready to be independent. It gets better though. Just try to enjoy being 18 while you can!
Don't need to be 18 (Score:2)
The reason it's illegal to give you credit (not that anyone would anyway) is that it's illegal for a minor to enter *any* kind of contract. You could maybe get one if your folks cosigned.
I've always been baffled by people saying "you can't get a credit card until you're 18" stuff. I had a credit card during my entire senior year in high school and I didn't turn 18 until the summer after. Maybe Mastercard made a mistake or something but it sure made buying crap a lot easier. It's possible that one of my parents co-signed -- I honestly don't remember. But I never had any problems with it. In fact, I'm now in my early 30s and I still have the same damn card! (of course, I have multiple cards nowdays).
GMD
Re:a problem (Score:1)
You left out the IANAL disclaimer, but that's ok, because it's damned obvious anyway. Do you really think it's illegal for a minor to enter into a contract? It only happens millions of times a day. I hope they don't haul them all off to jail.
They could give minors credit cards if they wanted to. It's just not a very bright thing to do. The problem, at least in the US, is that most contracts a minor enters into can be, by the minor, broken at will and without consequence. So credit card issuers don't like the idea of a kid going on a spending spree and then saying "I changed my mind and won't be honoring my agreement." But there's nothing illegal about it.
Re:a problem (Score:1)
If the contract is voided by the minor, each party must be restored to the condition they would be in if the contract was never entered into. For example, if you sign up for a CD club as a minor (one of those deals where you can get 12 CDs for a penny, provided that you buy X number of CDs later), you can't just keep the CDs and never buy another. You have to return the CDs if you wish to void the contract.
If companies loan money to minors, they risk losing the interest since all a minor has to do is repay the amount loaned and void the contract. That's why they don't loan money to minors.