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Should Stay-at-Home Spouses Get Their Own Credit Cards?

    • My wife had a credit card before she became a stay at home mom, usage was low but when she started staying home she very quickly maxed out the card at $4K with no income to pay for it. It ended up putting a big burden on our budget now that we had only one income. The credit card makes it too easy to add debt if not very closly controlled, We cut up her card and continue to pay off her balance. Before you even think about getting a at home credit card you need to determine the limnit and how the payments will fit into your budget otherwise it can lead to a major problem

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    • Crazy idea. This is just like the sub-prime home loans. “We know you can’t really afford this, but we’re going to give you a loan anyway.” Stupidity at it’s finest.

      I love this quote from the article: “The bureau says it’s aware of several issuers that have denied card applications from otherwise creditworthy individuals based on the applicant’s stated income.”

      Ya think? Denying someone credit based on their income, or lack thereof? What a concept. This makes no sense at all, and I hope for our countries sake that it does not come to pass.

    • The government does not need to be in charge of people’s choices about their debt. PEOPLE need to be in charge of the choices they make about their debt. If a person chooses to apply for a credit card (or spend on a credit card they already have) then they have made the personal choice to become responsible to payback the amount of the credit balance. It is not the responsibility of the government to mandate how much money a person may or may not spend. People need to be accountable for their own actions!

    • I was a stay-at-home spouse for many years. I was able to get a couple of credit cards based on household income but they requested my husband’s id to verify his credit status. Most institutions would not do this but certain ones did for certain periods. It should be up to the creditor to decide if a nonworking spouse is in a good enough financial position to be extended credit. It is not the Federal government’s business to be saying what credit individuals can have.

    • Here’s a crazy idea- how about credit card issuers (who have a large stake in whether they get paid back) come up with their own rules about assessing the creditworthiness of borrowers rather than Government (which has no stake in whether the borrowers repay) doing it.

    • It is important that a stay at home spouse have their own credit rating. My Sister’s husband was always the “bread winner” and was suddenly killed in a train accident. My Sister had no cash money, access to bank accounts was limited and all the “credit” died with him, she had no credit history and she was still liable for all the bills. Think it out and prepare for such.

    • What’s the point of having laws passed if the Consumer Financial Protection Bureau can undo them without the congress voting?

    • Personally, I think all non-working spouses should have a credit card to build their own credit history. Again it’s impossible to protect everyone from themselves. If people act in stupid ways with their money and debt, that’s their problem.

    • I don’t understand the mentality of all this.

      How do stay at home spouses think they can have a separate financial record when they have no real income? Either they are dependent on the bread winner of the couple or they are not “stay at home.”

      Why the need to have “your own” credit card if you are ultimately 100% dependent on your spouse anyway? Do these couples structure their finances formally? Is the stay at home spouse formally “paid” by the other? Does he/she report this “income” to the IRS and does the paying spouse report the payment to the IRS through a structured business arangement? It’s nuts.

      Take your “other half” with you to the bank and have them co-sign. Then go home and realize that the two of you agreed to be *partners* for the rest of your lives, not just roomates.

      Dan

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