Stay at Home Moms Now Have Credit Credit Application Problems

According to a report from U.S. News and World Report, one of the new results from the provisions of the Credit Card Accountability, Responsibility and Disclosure Act, which is that stay at home parents new face stiffer challenges getting a credit card.

What was supposed to help American consumers is hurting them…

Those new laws, passed last year, require all lenders to consider the personal rather than household income of individuals applying for credit cards. If your income is zero because you stay home to take care of the kids or for any other reason, rejection is in store!

This is a particularly large problem with the spouses of those serving in the military, who may need help paying bills while their spouses are away. The one work around is that spouses can co-sign on an application for obtaining a card, though those applying separately in their own names will still face difficulties.

One step forwad, one step back. Let’s see if the government steps in to fix this …



 

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