Credit crackdown looms for young adults
A new measure set to take effect Monday will make it harder for young adults to get credit cards.
The regulation, recently passed by Congress, means anyone under 21 will need a parent to co-sign for a credit card or prove that they have a source of income in order to be approved.
Lawmakers say they passed the regulation and other measures to protect consumers, asserting that many college-age adults don?t have enough financial experience to avoid ending up in thousands of dollars worth of credit card debt.
The new rules also prohibit credit card companies from retroactively raising interest rates or double-billing interest.