But perhaps the most important change is the difficulty consumers under the age of 21 now will have when trying to acquire a credit card. Young adults no longer will be able to acquire a credit card without co-signers or the ability to prove they can pay the bills. Those under 21 must submit a written application proving they can pay back debts that must be “signed by a co-signer, including the parent, legal guardian, spouse or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account.”

This age restriction is the most unfortunate part of the new regulations. Mismanagement of credit cards happens because of inexperience and lack of knowledge, not always because one is young. There are responsible and knowledgeable 19-year-olds who use credit cards correctly, while a middle-aged adult might rack up mountains of debt. Although it’s true the average MSU student will leave school with about $2,700 in credit debt according to Brian Winters, a financial wellness consultant at Olin Health Center, it isn’t the government’s place to limit a student’s ability to use a card, especially on the basis of age.

These new regulations should put added pressure on schools, banks and adults to educate students on the impacts of credit. Credit affects future purchases for everyone, and understanding how to build it properly is a key component of modern life. Students need to realize credit cards might be useful in emergencies and financial crunches, but they are not free money. It’s also a good idea — and a more efficient one — to build credit other ways, such as paying cell phone and utility bills in students’ names.

Although it is a good business strategy for the banks, they should know better than to prey on college students with enticing credit card offers. The law will cut down on the free blanket, umbrella and backpack offers available for merely signing up for a card. Some regulations are needed on offers by banks along with ensuring the banks offer advice and guidance on proper credit management.

Any student who is considering applying for a credit card should understand the consequences of bad credit. To acquire a card, consumers should go into the bank, sit down with an expert and go through the responsibilities and details of credit and how it will affect them later in life. Many of the new regulations are going to benefit credit card users because they will help ensure consumers are more thoroughly educated about credit. It is important that college-aged students are well-informed of credit rules before potentially ruining their own credit for years to come, and it is good the government is at the forefront of the education.

The government is on the right track with these new regulations. Educating consumers is most important for maintaining good credit, and many of these regulations will benefit the individuals who don’t already have the information — but it shouldn’t be based on age.