New Credit Card Rules Target Stay-At-Home Parents
New federal credit card rules no longer allow at-home parents to list the family’s income when applying for credit cards.
"That means anyone who doesn’t earn her own income, such as a stay-at-home mom, will have a much harder time qualifying for her own credit card,” U.S. News reported.
A Virginia mother of two, who wasn’t able to get a Target credit card because she has no income as an at-home parent, has collected signatures on a Change.org petition asking the Consumer Financial Protection Bureau to "fix this broken rule.”
“It is 2012 and because I’m a stay-at-home mom, I can’t get my own credit card,” Holly McCall wrote. “My husband has to give me permission to get my own line of credit. This is demeaning and flat out unfair. This is despite the fact that I make 95 percent of our household purchases, have an impeccable credit score and handle the majority of my family’s finances.”
McCall told NPR that she was denied a Target card “in her own name because she does not have her own individual income.”
In response to the outcry, Congresswoman Carolyn Maloney and Louise Slaughter have written a letter to the Consumer Financial Protection Bureau saying that this is not the interpretation they supported when they launched the credit card reform bill a few years ago.