11 Dec: Gill-Weinberg Bill To Restrict Credit Cards For Those Under 21 Advances

TRENTON – A bill sponsored by Senators Nia H. Gill and Loretta Weinberg which would require credit card companies to obtain parental consent before issuing a credit card to someone under the age of 21 was approved by the Senate Commerce Committee today by a vote of 4-0.

“Especially during the current economic crisis, a line of credit can be incredibly tempting – and extraordinarily dangerous – for young people who don’t understand the consequences of massive credit card debt,” said Senator Gill, D-Essex and Passaic, and Chairwoman of the Commerce Committee. “It’s become more and more common in our society for young people to build up thousands and thousands of dollars in unpaid credit card debt before they reach their mid-twenties. Hopefully, by informing parents of their kids’ credit decisions, we can encourage them to offer advice and guidance, so that their children can avoid costly mistakes which will limit them down the road.”