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Young people should take care with cards, and consumer credit counseling may help
By Oscar Monfort on Jun 7th, 2010
Keeping track of accounts is one of the ways younger people make sure their personal finances stay in good shape.
The Federal Trade Commission recently recommended that college students and recent graduates get copies of their credit report. Meanwhile, it also advised that young people be careful when they sign on for a credit card, as its misuse could lead to making it difficult to get a loan in the future.
New rules from the federal government now make it more difficult for people under the age of 21 to get a credit card. These consumers will have to get a co-signer, unless they can prove they have the income to support an account.
The changes come by way of the Credit Card Accountability, Responsibility and Disclosure Act, which was passed by Congress last year. Along with restricting credit to younger consumers, the act requires card companies to include a phone number on billing statements that will connect people with consumer credit counseling services.
These organizations can help people by setting up a plan to reduce their debt. They can also set up a budget that will ensure consumers live within their means.
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