With the passing of the Credit Cardholders' Bill of Rights Act (HR 627), it will become a lot more difficult for students and consumers under the age of 21 to access credit and make purchases online.
eBillme, the payment option that enables consumers and small businesses to use online banking to pay now and pay securely with cash, today announced the introduction of 'eBillme Teens,' a new feature that gives tweens, teens, and young adults the option to pay for online purchases themselves using their online bank account, or forward an electronic bill to their parents to approve the purchase and make the payment.
The Pew Internet & American Life Project reports that 71 percent of Internet users aged 18 to 32 make purchases online. Eighty-four percent of college undergraduates hold at least one credit card, while the average college student carries $3,173 in credit card debt, according to a recent Sallie Mae study. eBillme serves as an easy alternative method for continuing to purchase essential items online responsibly and debt free.
"College students have long been plagued by credit card debt, and are in need of new solutions to better manage spending and control their budgets," says Marwan Forzley, President and CEO of eBillme. "We strongly support the measures within the Credit Cardholders' Bill of Rights that will limit access to credit for consumers under the age of 21, but recognize that this demographic relies on the Internet for online banking and purchasing. These new reforms will prompt many consumers to look for credit card alternatives at the online checkout. We are excited to offer eBillme as a safe, debt-free checkout option for online merchants to provide in response."
eBillme is easy to use. When shoppers choose the option at checkout, their order is confirmed with an eBill sent to their e-mail address. Consumers simply pay the eBill through their online checking or savings account-the same way they pay utilities, loans, insurance, and other bills. The transaction occurs securely, bank to bank, with no personal or financial information required or transmitted over the Internet.