http://statenews.com. President Barack Obama signed a bill Friday that is going to change the way the credit card industry treats young people. The Credit Card Accountability, Responsibility and Disclosure Act, or CARD Act, is a bill introduced by Sen. Chris Dodd, D-Conn., that will bring protection to students seeking their first credit card, among others. en-us Gryphon 2.2.3b-tsn (woodward)/Foundry5 Fri, 29 May 2009 09:46:55 -0400 webmaster@statenews.com http://statenews.com./index.php/comment/view/39967 Why does the government have to legislate everyones stupidity? The bottom line is don’t buy what you can’t afford. If you need the plastic sign up for a debit card that keeps you from spending beyond your means. I don’t understand why those of us that only buy what we can afford and haven’t been a dumbass in the past need to bail out the idiots that cannot live within their means. Now the responsible students have to jump through more hoops because of a portion of the population that are too stupid to walk and chew gum at the same time. Mon, 25 May 2009 20:54:38 -0400 http://statenews.com./index.php/comment/view/39967 http://statenews.com./index.php/comment/view/39968 MSU costs about $17,000 per year. Four years = $68,000. If the average student ends up with only $4,100 is credit card debt, I’d say they’re doing pretty good. This bill simply makes it harder for a student to find the funding they need to pay for their overpriced tuition, fees, and books. Tue, 26 May 2009 06:14:16 -0400 http://statenews.com./index.php/comment/view/39968 http://statenews.com./index.php/comment/view/39973 So Steve, you oppose a bill that limits giving credit to only those who deserve it? Giving credit to people that don’t have sufficient income is one of the reasons our economy is where it is. You likely blamed the CRA for the mortgage crisis and now we have an act that does the exact opposite and what do you do? Complain. How refreshing. Tue, 26 May 2009 09:13:31 -0400 http://statenews.com./index.php/comment/view/39973 http://statenews.com./index.php/comment/view/39975 “Why does the government have to legislate everyones stupidity?” For the same reasons that “the government” – which is really your peers and fellow citizens, not some evil construct feared by conspiracy theorists – has to legislate against other stupid behavior: because it affects the rest of us. When people can no longer pay and the credit companies start to collapse, it becomes hard for responsible consumers to obtain credit – just as is currently the case for obtaining a mortgage or car loan. Ideally, the credit card companies would have done this on their own, but they’re trying to make every dollar they can. So I’m fine with some extra restrictions being put in place by legislation. The problem I have with the editorial is this: “One of the provisions of the bill requires any applicant under the age of 21 to prove they can pay off any charges, or get a cosigner who also would be responsible for the debt. At MSUFCU, a college-aged credit card applicant would need to show they could afford payments of up to $500 a month to be eligible for a card. This would make it difficult for many students to sign up for a credit card — and that’s why it’s necessary.” BUT: If an adult chooses to have a credit card, they should be allowed that responsibility. They should be warned of the potential problems, certainly, but they shouldn’t be outright prohibited. So which is it, Snews? Should there be restrictions or not? These two arguments make it sound like 4 different people wrote this article – which I suppose is probably the case. Tue, 26 May 2009 09:28:27 -0400 http://statenews.com./index.php/comment/view/39975 http://statenews.com./index.php/comment/view/39983 “Giving credit to people that don’t have sufficient income is one of the reasons our economy is where it is.” And as a free-market economy, we let those companies that engaged in that stupid behavior die, not bail them out. It’s survival of the fittest. Tue, 26 May 2009 11:47:52 -0400 http://statenews.com./index.php/comment/view/39983 http://statenews.com./index.php/comment/view/39984 “And as a free-market economy, we let those companies that engaged in that stupid behavior die, not bail them out. It’s survival of the fittest.” I don’t know whether you are mean, ignorant, or just naive. Said companies are not run by AI entities, but by people. You’d rather see a large company collapse completely and put another thousand people (most of whom didn’t make the poor decisions) on unemployment? Dependent on credit cards for survival? Yeah, that’s a much better idea than shoring up the existing structure. /sarcasm Good luck with your crusade to ban drunken driving laws too – since, after all, the dumb people will kill themselves and ensure “survival of the fittest.” Never mind all that messy collateral damage. Tue, 26 May 2009 13:01:57 -0400 http://statenews.com./index.php/comment/view/39984 http://statenews.com./index.php/comment/view/39988 Steve: Free Market Tue, 26 May 2009 13:44:09 -0400 http://statenews.com./index.php/comment/view/39988 http://statenews.com./index.php/comment/view/39990 I’m a former student who was basically given a $2k credit card for opening an account at MSUFCU his freshman year. Being an idiot at the time, I treated it like a $1k spending account until about partway through my sophomore year. Each time I approached the limit, MSUFCU would extend the limit without my permission, and even a few times without even informing me. By my senior year, I wrapped up about $8k on that card, despite having a decent part time job and wiser spending habits. Now that I have a full time job and a good salary, I’m finally starting to pay it off in large chunks, but it’s just one more bill that I have to worry about each month. That said, I wouldn’t have made it through college without that card. Because I didn’t come from a lot of money and have mommy and daddy take care of me, I’d usually have to pay rent and utilities with the card. Having the government take cards away from students isn’t the answer. If the government can’t sleep without mandating something, how about they mandate schools to emphasize personal economics more? Make high school seniors or college freshmen take a personal finance course or something. Then the free market system will work itself out. Tue, 26 May 2009 14:18:46 -0400 http://statenews.com./index.php/comment/view/39990 http://statenews.com./index.php/comment/view/40130 “Having the government take cards away from students isn’t the answer. If the government can’t sleep without mandating something, how about they mandate schools to emphasize personal economics more? Make high school seniors or college freshmen take a personal finance course or something. Then the free market system will work itself out.” word. A credit limit is what you can spend, not what you should spend. Don’t spend more than you can afford. Credit must be paid back. Credit cards are important; they enable you to make larger purchases; and are helpful for emergency situations. When used responsibly, you will establish credit. A good credit history is the key to getting approved for future loans, auto financing, and mortgages. Fri, 29 May 2009 09:46:55 -0400 http://statenews.com./index.php/comment/view/40130