I still say that even 18-year-olds are old enough to understand the consequences of their actions, and no one is a "victim" of these companies. Their own bad judgement, perhaps, but you can't fault companies for doing what they are designed to do: make money by marketing their product to those who want it. Why are we always saying to the government/big business-"save us from ourselves"? Whatever happened to teaching personal responsibility, buyer beware and all that? What if they said fine, no one under 25 can buy a car, get a credit card or what-have-you? Then folks would be crying about their "freedom" being taken from them. We can't have it both ways.
That said, I STILL think older adults should be counseling their young adults around them so that they understand the far-reaching implications of credit, interest and the like.
As for student loans, I would be much happier seeing some young person into the federal government @ 8% interest for a serious INVESTMENT in their future than them being silly enough to be in debt to Visa/Mastercard, etc. because they purchased things that LOST VALUE the minute they purchased them (cars, clothes, etc.).
As I stated a few months ago (see above), my opinions have been formed from HAVING BEEN THERE and DONE THAT. Thankfully, I have a younger sister who heeded my cautionary tales and is on her way to a great job, with signing bonus, some savings and very little credit debt-straight out of college.
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