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In a few weeks, it will be a lot more difficult to get a credit card if you’re under the age of 21, at least, that’s the plan.

The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit Card Bill of Rights) will go into effect on February 22, and bring with it a number of changes, which I previously wrote about.

But another issue at hand is extending credit to so-called underage consumers, namely those under the tender age of 21.

The impending legislation will require that those under 21 who apply for a credit card either get a co-signer aged 21 or over, or document the ability to repay the credit card debt.

If the under 21 applicant chooses option one, that co-signer will be on the hook for any unpaid debt; if they choose to document income, it’ll probably be rather cumbersome, and certainly not the instant approval we’ve all grown so fond of.

Additionally, if under 21, a credit line increase will only be permitted on a joint account with the co-signer’s permission.

In other words, kids can’t go increasing their card limit without their parent’s knowledge.

So it’s going to be more difficult to get a credit card if you’re under 21, which in one respect, will be a good thing.

But what about those who need the credit, are generally responsible, but unable to get a co-signer or document income?

Will it lead to an increase in the use of prepaid credit cards, or an increase in personal loans, those with much less favorable terms than credit cards?

I hope all the implications have been considered for the sweeping changes, especially since credit cards are often a young consumer’s initial credit building tool (how to build credit).