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!
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.
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!
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.