Stay at Home Spouse Credit Cards


Stay at home spouse credit cards Law Updated 4/30/13

Stay at home spouse credit cards

Credit cards Français : Cartes de crédit Italiano: Carte di credito Русский: Банковские карты Tiếng Việt: Thẻ tín dụng 中文: 信用卡 (Photo credit: Wikipedia)Stay at Home Spouse Credit Cards

Stay at home spouse credit cards were restricted unintentionally by the CARD Act by its provision that individual and not household income must be considered on credit card applications.  This provision reflected a quaint outmoded view of marriage. Though it was a well intentioned provision to keep people who have no access to money from getting into trouble, it ignored the economic value of the work done by the stay at home partner.  Many people voluntarily choose a hiatus from their career to care for children.  The monetary value of the services performed by the stay at home spouse has been estimated to be in excess of $60,000.00 per year.

Law of Unintended Consequences

In a dated reference to “married women” that would have been amusing if it did not illustrate just how out of touch certain people in power are, the law as it stood stated that wives could become joint or authorized users of their husband’s credit cards.  Credit card companies can now consider the income of a spouse or partner who is at least 21 years of age.  The lenders have 6 months to comply

Richard Cordray, the director of the newly empowered Consumer Financial Protection Bureau,  declared that the law’s former interpretation was an “unintended consequence” of the Credit CARD Act.  The new amendment provides for the consideration of household income for nonworking spouses without needing to verify their own income. Third party income may be considered if the applicant has a reasonable expectation of access to that income regardless of marital status.  Census figures show there are 16 million married people who do not work outside of the home.   Initially only individual income was considered.

Stay at home spouses have always been able to access help from credit data of the other by becoming an authorized user

Note to stay at home dads:  apparently the “married women” terminology will be deleted and “stay at home spouse” credit cards or something similar will be substituted!

Legal recognition of the role of stay at home spouses was long overdue
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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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