New Rule Makes It Easy for Stay-at-Home Parents to Get Credit
There is some relief coming for stay-at-home parents who are often starved of credit access because of lacking personal finances.
According to Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), a new credit rule is being introduced to simplify the qualification process for those consumers seeking a credit card without the security of an income-earning job of their own.
This announcement could prove advantageous to those stay-at-home men and women forced to rely on their spouse’s credit cards to make purchases. Last October’s amendment to the Federal Reserve's Card Act only allows credit consideration using the income of the individual applying rather than the combined household earnings.
Cordray says that after conducting some research over the summer “there are tens -- and perhaps hundreds -- of thousands of individuals who perhaps have been denied access to credit as a result of the way the law was interpreted.”
The CFPB is currently working on drafting a new rule that it intends to present to Congress sometime before November.