>>We're subsidizing deadbeats in housing on the backs of the responsible, why should credit cards be any different?
>>
>>This is very distressing news. I live on my credit card and pay everything off in full every month. If this happens, I will have to cancel my card and go back to using cash. The only down side is that I will no longer be able to make purchases over the internet.
>
>It's not news, it's speculation and fear mongering.

Back to what really was passed and is on to Obama eventually:

young people (under 21 in the Senate bill, 18 in the House version) would need an adult’s signature or proof that they have a way of repaying any new debt before getting a new card.

What is concerning to me is the statement above. So now anyone 18-21 is no longer an adult? I agree our youth often make terrible decisions when it comes to credit, but, If that rule becomes law, shouldn't it be a requirement for an adult's signature granting them permission to join the military as well? Shouldn't they be considered a minor until age 21 for everything else as well?