Young Credit Card Holders Are Less Likely to Default
In 2009, Congress passed the CARD Act, aimed at preventing kids under 21 from getting themselves credit cards and then getting themselves into big trouble. It's an intuitively plausible case. After all, we all know someone who did just that -- I went to college with a kid who developed a severe compulsive gambling problem, which was followed by some severe hours working at his family business after his parents cut up his credit cards and made him work off the debt. Almost everyone I've ever talked to about consumer credit has a story like this. So it seemed reasonable to think that keeping college kids away from credit until their brains had matured a little more might prevent some huge disasters.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Anti-Immigration Fervor Is Different This Time
- The Current Sex Panic Harks Back to the Era of Coddling Women
- This Tax Bill Is a Trillion-Dollar Blunder
- Thank Goodness for Donald Trump
- Why Austria's Anti-Immigrant Experiment Is Worth Watching
- Black Voters Lead a Democratic Surge
- How Gavin Newsom Got to Be a Front-Runner