Stay-At-Home Spouses Might Get Credit Cards

September 21, 2012
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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.

LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card. The LowCards.com Complete Credit Card Index is the most objective and comprehensive resource on the Internet which allows consumers to compare rates for over 1,000 credit cards offered in this country. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for twelve years.

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