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They can submit proof of

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regular income earnings and request an exemption to the need for their parents to allow them to have a card. Late Fees and Interest Spikes As well as legislation relating to
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interest
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fee spikes and late payments (the bane of any credit card owner, no matter their age), there was a clause dealing specifically with student card owners. For students who already have their cards, the legislation will ease
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the
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burden the card conveys in return for being able to buy stuff. Now, thanks to the new legislation, parents and legal guardians have a way of curtailing that financial independence without cutting
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students off from the potential lessons and character building moments entirely.. Or, at the very least, on notice. In many ways, this
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is the modern upgrade to the weekly allowance.

This should ease the dangers of credit card debt.

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At least until they have some method of paying off their own debts. New Credit Card Laws (2009)
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And Students When it comes to debt, credit card companies believe that you're never too young to start accruing it. In short, the clause makes it harder for anyone under the age of twenty-one
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to get a card. However, it is much more important for generations
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that have yet to sign on the dotted line and collect their plastic key to financial independence.

Crippling Debt Keeping credit cards out of the hands

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of students may seem unfair at first glance, but really,
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how fair is it to inflict what can rapidly become crippling debt on a student, especially if they have no way pay off credit card debt. Also, the credit limit on such a card
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cannot be increased without the written permission of said primary cardholder. This is why many
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of them hand out lines of credit like candy to students, whether they are in high school or college. Two out of
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three high school students in the United
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States have credit cards, and have some form of debt, thanks to reckless spending. Before the Law Passed Before this legislation passed, a student under the age of twenty-one could get their own card without permission, which, of course, invariably led to reckless spending and the
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growth of debt, especially in the jens of freshman college students.

Now, a parent or legal guardian can check such before it occurs and keep their student out of trouble. Credit cards are a way for students to exercise financial independence,

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but
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it often results in unpleasant consequences. College Students in Credit Card Debt However, thanks to the new credit card legislation just recently signed by the president , the days of students getting
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into debt well before they're legally able to earn the money to begin paying it off is over. Start early, spend often, and pay the bank every month, that's the name of the game for many credit card companies. The only exception to either of these is in the weston of a student with proof of their own income. No one under the age of twenty-one can have a credit card unless a parent, legal guardian or spouse is the primary cardholder.

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