Stay-At-Home Parents Can Face Credit Denial Under Banking Law

I'm loving the responses here!

Yes, they should not be extending credit to people with no means to repay it. This doesn't punish any stay at home moms, if they want a credit card, they can get the husband to co-sign and use his income. If they want the card in their name alone, they can get their own source of income. There is nothing wrong with this law, except for the fact that it had to be a law in the first place! Creditors should have been executing this all along. Why would anyone give a loan to someone with no ability to repay?

"Household Income" is a great term, and it should be counted in all "household" activities. But, if one party wants to go off on their own, they need to be able to support their activities alone. You can't have it both ways. If you want to count the whole household's income, then make sure the whole household is involved in the decision making.

Maybe I am jaded though, my ex-wife used to hoard money, and she was preparing for our divorce months or years in advance. In fact, I think she was preparing for it from the day we got married just in case anything happened. 10 years later, without warning, and without any fighting, she just told me it was time for me to move out. So, I did. Just like a Country Song, I took my pickup, my dog, and a bag full of my clothes, got an apartment, and found a new girlfriend! The ex kept everything else, but she was nice enough to return some childhood things and photos over the ensuing years.

If this law plays out in practice, as intended, then it appears to be aimed at closing a loophole that should be closed. If a person wants credit in their own name, that credit should be issued based on the individual's ability to pay. There is nothing that states they cannot have a combined account.

For those who bring up the point that women (in particular) have historically risked financial insecurity by not having credit in their own name, especially in the cases of death/divorce of spouse, I agree that is a scenario that must be considered and planned for.

I went in to open a new checking account with my bank and while doing that the clerk told me that I had been pre-approved for a credit card with 0% interest for 18 months. I said, " That can't be. I don't even have a job." I was curious if this was really true, so I said, OK, sure, not thinking that I'd really be approved. It came back with a $8,000 credit card with 0% interest for 18 months. I was shocked! The clerk said it must be because I have had a good banking history with them for many years. The card is in my name only.

Who wants to run up debt on rip-off credit cards anyway?

I don't have any credit or store cards, never have. I like to live within my means and not spend money which isn't mine.

You know, when I was a kid a family could live on what one parent earned. My father worked and his pay provided for us all, ran a car, two weeks family holiday once a year, and paid the bills. My mother stayed home and took care of things there and us kids while my dad worked. We didn't have luxuries and only had presents on birthdays and Christmas day. All this on one wage and not one credit card, ever.

Nowdays, a family cannot get by on one wage thanks to our goverments. They want to force both parents to work because it means they can get their grubby hands on more tax money, and this is what it's all about IMO.