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Rules May Block Stay-at-Home Parents From Credit Cards
Filed under: In The News
Credit cards may not be available for those who do not have individual sources of income after Oct. 1. Credit: Getty Images
That's when new federal rules kick in that prohibit banks from giving credit cards to people who do not have individual sources of income.
NBC News reports the bad news is that certain people won't be able to get credit cards. The good news? Certain people won't be able to get credit cards.
Matthew Tuttle of Wealth Management, a group of investment advisers, tells NBC News the new rule stops who can't afford to take on debt from, well, taking on more debt.
"It's life," he tells NBC. "People need to be educated. People need to educate themselves about this and about the importance of avoiding consumer debt, but the government can't protect us from ourselves."
Still, Tuttle admits, some innocent bystanders are going to get hurt.
"Say you get a divorce, and you are out on your own," he tells NBC. "You've got no credit history. Now, (there are) just so many unattended consequences to trying to protect people from getting themselves into debt. I just don't think anyone really thought this through."
His advice? If you're a stay-at-home spouse who wants a credit card of your very own, apply now before the law goes into effect. Even now, however, card companies could enforce the new rule.
The whole thing irks Brian Bradshaw, a stay-at-home dad who would rather not piggyback as an authorized user of his wife's cards.
"I think it's a bad idea to say, 'Well, even if your married, we don't care,' I just think that sends the wrong message from anywhere," Bradshaw tells NBC. "Once you're married, you're a family, everything is the family's. So the idea that I couldn't use my wife's salary for proof of income or that my wife couldn't use mine for proof of income, I find kind of strange."
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