Stay-At-Home Spouses Might Get Credit Cards

September 21, 2012, Written By John H. Oldshue

The Consumer Financial Protection Bureau plans on revising a rule that currently prevents many stay-at-home spouses from obtaining their own credit card.

A 2009 CARD Act provision currently mandates issuers look at a consumer’s individual income, rather than their household income, when deciding to approve that consumer for a credit card. This has hurt the stay-at-home spouse that generates little or no income.

The rule originally tried to prevent young adults from using their parents’ income to obtain a credit card and subsequently ringing up too much debt in their own name.

“This is clearly an unintended consequence,” said Richard Cordray, the CFPB Director, at a congressional hearing yesterday.

Cordray said the CFPB would draft a proposal later this year.

This entry was posted in Credit Card News and tagged credit cards , Richard Cordray , CARD Act , CFPB , stay at home moms

The information contained within this article was accurate as of September 21, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.