Stay at Home Parents Now Able to Get a Credit Card
Just because stay at home moms and dad’s don’t have nine-to-five jobs doesn’t mean they don’t work hard, but until now their status often disqualified them from getting a credit card. That’s all about to change thanks to a new rule from the Consumer Financial Protection Bureau, which makes it easier for spouses and unmarried partners who run the household to get card approval.
Under the previous law, credit card companies were required to evaluate an applicant’s individual income or assets. The guidelines were meant to be strict, to prevent young people from going into credit card debt, but they caused a major headache for stay at home partners who didn’t have their own personal income or paycheck.
Under the new rules, credit card companies can factor in the incomes of entire households when considering applicants. Obviously, millions of Americans are expected to benefit from the revised ruling.