Unfortunately, many people are ignorant to what they are getting themselves into until the see the consequences. Yes, it may be more difficult to get a credit card for some, but a credit card is not a necessity – it's for convenience.

Anyway, we see way too many people did themselves into a hole and then spend years trying to claw their way out. I hope this change in the law will prevent them from getting there in the first place.

Please contact me at ericasmith568(at)gmail.com soon. Moreover, I will place your link in one of my finance sites.

Now 21 year olds can celebrate their first legal drink and their first credit card in the same week!

I guess that's a good thing? If nothing else, it means that the first night of bar tabs will be interesting.

The NBC pundits (Chatzky and Wong) are bound and determined (paid) to plug their coorporate sponsors and perpetuate the 'multiple credit card' lifestyle. Their claim is that you need more than one to build reasonable credit, finance a home, and be relatively secure financially. THAT IS ANOTHER FLAT-OUT LIE. The industry is simply too corrupt and predatory to deal with. It has been for at least 20 years. The use of 'multiple credit cards' is simply too risky, addictive, complicated (check that fine print), and ultimately expensive. In the vast, overwhelming majority of cases, the 'multiple credit card' user has ended up further in debt year after year after year. Their credit was built to some extent on a temporary basis and their ability to repay loans was diminished gradually right along with their bottom line. They ended up paying as much or more in finance charges as they did on principal. That is OBSCENE. Now, their net worth is way down. Their ability to get out of debt f#$&@#. That 'credit' didn't get them anything but F#$#@#. Still, those NBC pundits (liars) have the nerve to perpetuate that 'multiple credit card' lifestyle as if it were ever legit or necessary to begin with. It wasn't. Until two years ago, one could have built reasonable credit with a stable income, a checking account, a savings account, one secured credit card, one loan for a used car, one loan for a new car, and a reasonable downpayment. Until recently, that was enough credit to get a first home loan. Now, the economic boom is OVER. The majority are F#$&@#. Its only going to get worse. A LOT WORSE. The window for ordinary (decent) people to stake their rightful claim is closing fast. They better get out of debt soon and well prepared for the comming US/global depression. It will be catastrophic. Under these circumstances, it is downright reckless and irresponsible to promote more use of credit cards. Only a calculated PIG with an ulterior motive would have the nerve. The 'multiple credit card' lifestyle wasn't the only cause of this economic crisis but it was a contributing factor. Another vehicle amoung many to transfer wealth from poor to rich. Which again, is the single greatest underlying cause. IT WILL BE OUR DOWNFALL.

Good or bad? I expect some fallout…probably more difficult to get rewards or benefits, and more annual fees, but I also think the backlash of competent users who pay in full each month would hurt them pretty badly…Monthly fee for less rewards and I’ll happily shift over to a no-fee debit card. Enough reaction like that and the small % they get off of each transaction will be reduced dramatically and maybe they’ll rethink their strategies.

They DO make money off of those who pay off each month, just not enough to keep them happy. Lead by greed!