Hooray, new credit card laws!

Tweet

http://www.doughroller.net/2008/03/16/credit-card-reform-act-of-2008-congress-to-the-rescue/ Among other things, it allows those under 21 to decide whether they want to receive that mountain of credit card offers our children are exposed to and tempted by. They can't alter agreements without notifying the card holder and late fees are prohibited on payments that are postmarked by the due date. I'm very glad of this! I have known people who mail off their payments on time, only to have them held by the company so they can justify charging late fees. A financial advisor once overnighted his payments for 6 months, insuring that they got there on time, and was charged late fees for 4 of those months! I know that ultimately we're responsible for our own actions and if we can't use credit cards responsibly, we shouldn't have them. I agree with that. But I've seen too many people that didn't understand the agreement or had it changed on them by the companies. They also make it too easy to have the cards, especially for students both high school and college, who are just learning to manage money and often get deeply into debt through poor judgement. What do you think?