Three potential pitfalls of the new legislation are:

· Prepaid cards or secured credit cards will become the card of choice for people under 21 years of age; thereby reducing their ability to build a credit history.

· Having mom or dad co-sign won't teach teens to be financially responsible. As long as they have mom or dad bailing them out should they get into financial trouble, they won't learn how to use credit responsibly

· This legislation could lower parents' credit scores. By co-signing for their teenager to get a credit card, parents will be responsible for any charges their teen makes and this could have a devastating impact on their credit score.

The bottom line is that if you want your upcoming college student to have their own credit card, you better start the process soon. Use this as an opportunity to teach your child fiscal responsibility as they start building their own credit histories. To see a broad selection of student credit cards currently available, visit the ManagingMoney.com Student Credit Card Center.