Teenagers and young adults with no income and few assets are sometimes prime targets for credit card companies. In response, Congress in 2009 passed the Credit CARD Act which requires that anyone under age ____ must have a cosigner or prove they can repay any debt.

Question

Quizplus · Accepted Answer

The Credit CARD Act requires that anyone under age 21 must have a cosigner or prove they can repay any debt. This is because at age 21, individuals are considered to have the legal capacity to enter into contracts, including credit card agreements.

Teenagers and Young Adults with No Income and Few Assets