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.


About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
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