I got my first credit card when I was 17 years old. It was the first week of my freshman year in college, and I only applied because I wanted a free t-shirt. So while everyone harps on the credit card companies, I say, what about the t-shirt industry? If the government would just regulate t-shirts to make them less cool, far fewer young people would be sucked into an endless and suffocating vortex of debt.

Stephen's discussion of credit card regulation continues after the jump with author Tamara Draut.

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