When President Barack Obama signed into law the Credit Card Accountability, Responsibility and Disclosure Act of 2009, it included a clause which stated that no one under the age of 21 will be able to get a credit card unless someone cosigns for them. The cosigner can be their parents, spouse or guardian.

Finally, the new law has taken into effect from Monday, 22 Feb, 2010. It is expected that this new law will help prevent the students from starting new careers clogged with debt. If a person under the age of 21 is unable to get a co-signer, then he/she will have to show the banks that he/she has the financial capability to pay off a credit card. It would be the bank's discretion whether or not such consumers would get a credit card prior to the age of 21.