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Consumers Are Dealt a New Hand in Credit Cards
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One of the key provisions of the new credit card bill, is that no credit cards can be issued to anyone under 21, unless a parent or legal guardian or spouse is the primary cardholder. THis way credit card companies cannot issue card to students under the age of 21 who might thn get into debt, unless aparent is aco-signer and becomes the primary cardholder, or the student shows own income and gets a waiver. And any increase in the credit line can only be made with the writtten permission of the parent. This and other changes in the bill were long overdue in the USA.
Credit card debt surges and the effects on U.S. consumer spending, followed by household debt reduction.
07/05/2008
The result is huge swings in consumer spending, first with rising debt and then with debt reduction and the cultural shift to different lifestyles.
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