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Reference:
Liberto, J. (2010, February 22). Under 21? Getting a credit card just hot tougher. Cnn.com. Retrieved Mar 2, 2010 from

http://money.cnn.com/2010/02/19/news/economy/student_credit_cards/index.htm

Summary:
Credit card companies need to boost stander about collage student credit. Congress decides a new law to credit card. The law let some students, under 21 more difficult to have credit card than before because they have no stationary income in their live. They are unable to have credit card easy, if they have not their parents to be their guarantor.
Also, credit card companies are unable to give students credit card application form in campus because they give students some gifts when they fill out credit card application form. Therefore, the law also forbids this “inducement” in campus. If students, under age 21 want apply credit card, they have to give some documents about their income. Some students have had loan by credit card. And then they have to pay high interest rate to their credit card. So, their parents have to help to repay their debt. The money usually is from other loan. If the law is pass, a lot of people will not easy to have credit card. Some countries already have the law, forbid fill out credit card application form in campus because students do not need too high cost for their credit. Credit car companies also need to teach student that how correct use credit card.

Reaction:

People usually use credit card to create their credit before they want to borrow money from bank. If you have not any credit in banks, they will not loan money to you. Therefore, correct use credit card will help you a lot when you want to borrow money by banks. Thus, the law is able to help students because the credit cost is lower than before and difficult pass to gad credit card.
A lot of students use credit card often because they pay their food, tuition, book, and clothes. Credit card already become require thing in live. It even replaces real money. We use credit card to pay more than money. But, a lot of students are unable to control when they use credit card shopping. Therefore, produce many problems from credit card because they cannot pay their credit card dill. If they have no enough money to pay bill, the credit card interest rate will let your bill cost to be more.
Many Taiwanese people used to have this problem. Many people are unable to pay their credit card because their credit cost is high. And then they cannot control use credit card. It leads to people to have more and more debt by credit card. At result, a lot of credit card companies have boosted examine of person financial when people apply credit card. And then this problem has already decrease.

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Reading reaction journal 4
Reference:
Ellis, D. (2010, February 22) Credit card relief is here, but watch out for new traps. CNN.com Retrieved Feb 17, 2010 from
http://money.cnn.com/2010/02/17/news/companies/credit_card_rules/index.htm
Summary:
in the article, a lot of credit cards companies have some “traps”. Companies will charge some fee from your bills for example, double cycle billing and fee of formalities. Therefore, consumers need to pay attention to the law of credit cards. Now, credit card companies have boost then standard to examine those people who apply for credit cards. It usually focuses on college students, if college students want to apply for a credit card. They have to take their documents about income and saving.
The consumers also do not have something about reward points; if you delay paying your bills. So, one needs to read your credit card rues. It will help you be able to protect your reward point and interest. In terms of interest, one can negotiate with your credit card company about your interest.
Reaction:
A lot of people think that credit cards will become the next financial crisis. Why? Because of bad debt. In research, the U.S. has $200 billion in bad debt from credit cards. A lot of banks worry that a lot of people are unable to pay their credit card bills because they lost then job. And then many college students also too, they have no income to pay their credit card bills. Their credit card bills are usually paid by their parents. Therefore, they will not lose control to use their credit card because they never worry about it. I think that credit card companies have to boost college students credit. Even their parents are their guarantors. This way they are able to reduce risk by bad debt.
Credit card companies also can give their customers a preferential interest rate, if their customers have good credit. I think most customers will like it because they usually use credit cards to buy many things. They deserve to have their preferential interest rank. And then cancel the formalities charge. I think that this fee is not reasonable, because credit card companies already have more income by credit card interest. If they charge this fee, these will be a lot of dispute. Therefore, we have to pay attention to credit card companies. You have to scrutinize to your bills. Perhaps you will discover a lot of fees are not reasonable.