Credit Card Legislation Means Consumers Under 21 Need a Way to Navigate the ‘Plastic Gap’

In the past several decades, the way we pay for things has made plastic, not cash, king. The rise of plastic began with credit cards which for years have attracted consumers despite high interest rates and constantly changing fine print. The new Credit Card Accountability, Responsibility and Disclosure Act, which takes full effect on February 22, promises to give consumers much-needed relief by keeping more of the hard-earned money in the pockets of the people who earned it.

This sweeping legislation cracks down on rate increases, eliminates certain tricky practices, improves transparency and protects arguably the most vulnerable among us – young consumers. Anxious to make their way in the world and not always aware of the long-term financial consequences of their actions, anyone under the age of 21 will be much more protected from the dangers of credit cards. However, there are consequences they may not like.

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