The passing of the Truth in Lending Act, a.k.a The Credit Card Bill, will impact the way consumers will access and use credit.
(Excerpt from the eBillme Blog on the impact of credit card reform on online shopping for the under 21 demographic.)
When you go to a store near you, you walk up to the cashier, hand off the new blender you like, get it scanned and pay. When you pay, YOU, the customer make a choice: you can pay with credit instruments, or you can pay with cash or cash alternatives.
The credit card bill will absolutely have some impact on how people will pay in general; but unlike brick and mortar locations, online merchants have by in large depended on credit instruments to process payments. This has several implications, especially to those retailers serving the under 21 market.
The credit card bill has reduced the ability of those younger than 21 to borrow, with some exceptions:
1. You may still get credit if your parents sign off
2. You will need to take a course before you qualify for credit
3. Show proof that you have stable income and the ability to repay what you borrow
4. OR, You can get Married
If you are younger than 21 and are not ready to walk down the isle just for the privilege of shopping (especially shopping online), you can turn to cash payment alternatives such as eBillme Teen to buy online with cash.
