No Credit Cards for US Students under 21

oungsters under 21 will have to prove they have the means to repay the debt, or a parent or guardian co-signs for the loan. File photo

A new US law will prevent credit card companies to issue cards to people under 21 unless they can prove their ability to pay back.

After President Barack Obama signs the new bill student will no more rely on their Visa and MasterCard to get them through tight times, Darik Radio reported.

Youngsters under 21 will have to prove they have the means to repay the debt, or a parent or guardian co-signs for the loan.

The US Congress passed the bill this week, and President Obama was expected to sign it into law Friday. The changes will go into effect in nine months.

 

 

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