I have to agree with the bill regarding the age limit.  Driving at 16, or making mayor decisions at 18 is way to young.  I remember when I was 18, still a baby. Tere

Matt, I think this answers your question:

Under the bill, credit card applicants who are under 21 years of age would be required to prove their ability to pay or have a parent or guardian co-sign the account.

Buying a house or a car requires good credit, and those under 21 with bad credit would not qualify.  The problem has been, even high schoolers under the age of 18 have been given credit cards.  This provision will prevent college kids from incurring credit card debt, unless they are working and can prove their ability to pay, or if their parents co-sign.  It was no different when I was young.  I'm glad to see this reform, especially since people like me who have a credit rating in the 800's have been screwed by the credit card companies by jacking my interest rate from 5.9% to 15.94%.  If they think there is any way, shape or form I am using a card with rates that high, well they will understand what they did when we quite using them.

Well Matt, we've seen what happened when we left it up to the credit card companies to make the rules.  Sometimes unruly children can only learn to behave if the rules of play are legislated.  In this case, I agree.  The credit card companies knew full well they could make money on unsuspecting people.  In this case people who were straight out of college, with little or know understanding of how credit cards work, i.e. that you need to make payments and pay on time, otherwise suffer serious financial consequences.  If this is the only way to see to it CC companies can't continue to screw people, then I'm all for it.

Unfortunately, there's no cap on the interest rate. Why can credit card companies charge me 39.99% but when I make a loan to a friend, I can only charge 18% under the usury laws. Something's not right here.