Decent ideas, although I'd be more partial to the checking account idea (although I think some banks already offer them).
When I was a kid in the distant past, most of us started with a credit card co-signed by parents, with a 500 dollar limit or so. This served the need of establishing credit (some people did their first small car loan the same way). In the military, we also had access to relatively low interest loans through Navy Federal Credit Union and Navy Mutual Aid Association, which helped to establish credit. That's how I did my first car loan.
Yea, I had a similar situation (no military service though). Parents co-signed my first CC to build my credit.
I do sympathize with those whose parents cannot offer such a thing. I think the military provides great opportunity for things like this also, but a more generally available low interest credit line would help people avoid payday loans and such.
The poverty trap is real, and unfortunately I don't see anybody, R or D, offering any solutions. At least R are closer to "stop making bad decisions is step 1"
Decent ideas, although I'd be more partial to the checking account idea (although I think some banks already offer them).
When I was a kid in the distant past, most of us started with a credit card co-signed by parents, with a 500 dollar limit or so. This served the need of establishing credit (some people did their first small car loan the same way). In the military, we also had access to relatively low interest loans through Navy Federal Credit Union and Navy Mutual Aid Association, which helped to establish credit. That's how I did my first car loan.
Yea, I had a similar situation (no military service though). Parents co-signed my first CC to build my credit.
I do sympathize with those whose parents cannot offer such a thing. I think the military provides great opportunity for things like this also, but a more generally available low interest credit line would help people avoid payday loans and such.
The poverty trap is real, and unfortunately I don't see anybody, R or D, offering any solutions. At least R are closer to "stop making bad decisions is step 1"
agreed