Apparently, the recent credit reforms under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (C.A.R.D.) are making it more difficult for stay-at-home spouses to get a credit card.
While non-working spouses could previously take out credit cards in their own names by citing household income data, the new rules, as spelled out by the Federal Reserve, require credit card companies to consider only individual income. That means anyone who doesn’t earn her own income, such as a stay-at-home mom, will have a much harder time qualifying for her own credit card. USNews.com Money
As you might imagine, these folks aren’t happy. Worries about losing financial independence, concerns about finances in the case of divorce, and the ability for someone to get out of an abusive relationship have all been cited on various protest websites. Over two dozen congressmen are calling for action.
What do you think? Does this (as one protestor said) “Set women back 50 years?” Or does it only make sense to only issue cards to people who earn the income? Let us know! And read more here.
(photo: htmlgiant.com)
I don’t believe we really need credit cards to gain credit. They cause more problems than good. Don’t buy what you can’t afford; live within your means. We are much better off financially changing our thinking to what Dave Ramsey teaches. We aren’t debt free yet, but are striving to be. It seems to me if a woman (or anyone not employed) could put themselves in difficult situations, especially in the above state scenarios (divorce,etc) where they are on their own, without a job, with credit card debt. No thank you.