As of Monday, Feb. 22, the age to be issued a credit card will be the same as the legal drinking age of 21 years old due to a credit card law passed last May in Congress.

Many of these laws will protect card holders from being exploited by credit card companies. However for many college students, it means goodbye plastic money. Those under the age of 21 cannot be issued a credit card unless a parent, legal guardian or spouse co-signs, making themselves the primary card holder and responsible for any debt the card accumulates. This may hurt students in developing credit score and credit card responsibility.

"I think students should build up their credit history," economics professor Ralph Frasca said. "Students should have credit cards and should use them responsibly. They should use them as a transaction account and pay them off every month. If they can't they should look for other sources of borrowing at lower interest."

A credit card is important for students not only for building credit history, but also for paying for many other necessities.

"Because my parents encouraged me to open an account at 18, I would not have had any trouble getting them to co-sign on my card," senior Jim Ortman said. "I am currently the only person on my card and do not have a cosigner."

Ortman's parents encouraged him to open an account at a young age in order to build credit history. It also assists him in making easier purchases.

He uses his card for tuition payments, online purchases, travel and often simply when he has no cash on hand, he said.

Although it was never a common occurrence at UD, the new laws also restricts the availability of credit card applications to college students on campus; companies can no longer market on college campuses.

Another restriction is that the card holder must grant permission before allowing the company to let them overspend which creates additional fees. Frasca said this is one aspect of the bill that will benefit students.

"I think a lot of times students will overdraw their accounts and get hit with additional charges without even recognizing it," he said.

However, Frasca also said that surveys have been done that don't show a significant correlation between college students and those in credit card debt. In all, Frasca says she is against this law.

"The government always feels it can solve problems with additional regulations, but sometimes regulations create problems," Frasca said. "I don't see why we need the government to interfere in this anyway."

According to CNN.com, the average student credit card balance was $3,173 in 2008, up from $1,879 a decade earlier. With the current status of the economy, it will now be much harder for students under the age of 21 to find a co-signer with the financial stability to be responsible for a young person's finances as well as their own.

The other option aside from assigning a co-signer is to prove a substantial source of income, which is another task that is difficult in today's economy.

Like Ortman, many students use their credit cards to purchase school books, pay for tuition or as a convenient alternative to cash. For some who find themselves in need of a credit card, it may no longer be an option.