Old enough to die for your country but not get a credit card?

I was reading an article about a new law passed in the US in the wake of the credit crisis. I have to say that I find some of its provisions inane and discriminatory. As part of the new law "Credit Card Accountability, Responsibility and Disclosure Act of 2009" students under 21 can't obtain a credit card without 1. income sufficient to independently pay their debts or 2. a parent or spouse co-signing on the card.

When I was in college, I got my first credit card based on my scholarships, grants, and work study. Oh, and I ran up debt. Not much, by today's standards. I ran up a little over $1000 in debt. I carried a balance from month to month, but always paid the minimum on time. So, what did I use this credit for? Did I go on irresponsible shopping sprees buying clothes and makeup? Nope. How about dining out constantly? Rarely in fact. I used my credit card to pay for my books and supplies for the first 2 years of college. After my second year, I simply stopped buying books. Yes, ladies and gentlemen, I was a history major who never bought a text book. Can you imagine? Frankly, I just couldn't afford them and found that I could maintain my 3.5 average without them. So, I skipped the purchase of text books. And, my debt held steady instead of continuing to increase.

When I graduated from college (with my credit card debt being the least of my concerns, by the way, that $1000 paled in comparison to the $30,000 I had in Stafford loans and maybe $17,000 from the Kiwanis club), I worked and paid off my creditors every month. I steadily worked down my balance so that before my wedding I had paid off all of my credit card debt and purchased my wedding dress myself. I didn't file bankruptcy, I didn't fail under the weight of the debt, I paid it down, month by month. I made a budget and stuck to it.

Now, had this law been in place then, I don't know if I would have been able to get a credit card. MemeBean's credit at the time was less than stellar due primarily to a tendency to forget to mail off the checks on time. Without the credit card, I likely would not have been able to afford to buy books even my first two years of college. My ability to get supplies and such would also have been in doubt. So, how then, are those students whose parents aren't able to foot their entire bill supposed to manage a college education. Mind you, during the time that I was accruing this debt, I worked 20 hours a week. Perhaps students like me should just work full time and do school part time? Or maybe ignore the grades and work and take classes full time? Frankly I'm not quite sure.

What I am sure of is that it is incomprehensible that you believe someone is old enough to fight and die for their country, but not old enough to obtain credit. Either at 18 you're an adult or you aren't. If you are, then credit facilities should be available. If you aren't then the selective service registration and enlistment age need to be adjusted... American lawmakers need to decide when does someone become an adult, because once they have they should be treated like one.

Oh, and the irony of this situation is that my credit is actually a hair better than El 3atal who got his first credit card several years into college and paid off his balances every month. Our combined credit allowed us to purchase houses and cars with very competitive interest rates and I am thankful that I had the opportunity to learn very early on about credit. It wasn't an easy thing to learn, but it made a significant difference in how I approach money and relate to it. I certainly hope we won't take that away from our kids.

Happy credit crunch!