who else thinks getting a loan/credit agreement at 15/16 year old is very pathetic and sad, when the person is well off with his own money, he gets a credit agreement out just to pay for his obsesive computer equipment, i am worried this will lead him into debt, who else thinks this is worrying at such a young age
2007-10-27 05:07:46 · 10 answers · asked by Jay 2 in Business & Finance ➔ Credit
Not only that, it's not legal.
No one under the age of 18 can sigh a legally binding contract.
2007-10-27 05:18:49 · answer #1 · answered by ? 7 · 4⤊ 21⤋
The only sad and pathetic thing is when someone you assume that every teen is so irresponsible they can't handle credit. Just because this happens to you, or someone you know, doesn't mean everyone is that bad!
Lemme tell you something....I never had credit. I had a good job, bought my car with cash.
When I was 25 I had $20k in the bank (this was in 1980) and I went to buy a home. I had a very good paying job, very secure, wanted to put $10k down....and I got turned down! Reason? I didn't have a credit history.
Since then I have ALWAYS recommended teens get credit as early as possible. If that means having your parent co-sign a credit card, then do it! That 4-5 year credit history will translate into a huge savings on your interest rates, and will decide if you even get the loan or not.
2007-10-27 06:40:03 · answer #2 · answered by Anonymous · 2⤊ 0⤋
How did a 15/16 year old get a credit agreement without an adults signature?? Some one as young as 15/16 getting a loan by himself is against the law!
The creditor could get in serious trouble for this unless the creditor can prove they were duped by this person showing false documents claiming he was older than 18!
2007-10-27 05:23:32 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It's illegal unless an older person has guaranteed his repayments on the contract.
Debts cannot be enforced under 18
2007-10-27 05:21:29 · answer #4 · answered by brainstorm 7 · 0⤊ 0⤋
if your under 18 and get offered a loan from a financial organisation take it all and sign anything because it means nothing and they can't get it back.
lucky you.
2007-10-27 10:12:12 · answer #5 · answered by iainmackay85 3 · 0⤊ 0⤋
I don't think it's legal unless there is an adult promising to pay if the minor doesn't. My daughter has one that my dad is the adult on ( I wouldn't do it ) but it's for emegencys and school books.
2007-10-27 06:16:34 · answer #6 · answered by kimba 5 · 0⤊ 0⤋
u should really be saving your money for a car not an iphone or guitar, but it's ur choice, get a job at a grocery store or something, or u could flip burgers at mcdonalds lol
2016-03-13 07:31:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
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2014-11-29 06:17:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Blame the lender for being irresponsible in allowing the debt
2007-10-27 13:12:33 · answer #9 · answered by stormydays 5 · 0⤊ 0⤋
And its illegal under the consumer credit act.
2007-10-27 07:47:38 · answer #10 · answered by Johnny 7 · 0⤊ 0⤋