Watch out Washington, a group of stay at home moms are worked up over current credit card rules and regulations. Currently, people without a job aren't allowed to count their "household income" when applying for credit. Either you have a job and and income, or you don't. This means students can't count their parents income as theirs, and stay at home moms don't get to count the income of their spouses.
Sounds like a smart rule, keeps college age kids from getting into too much debt to soon due to these dangerous cards. On the other hand it keeps parents that solely focus on their families from having a card strictly in their name.
According to the report by Fox 4 News, "Michelle Obama and Ann Romney... would not qualify for a credit card." This does sound odd, as one would think Michelle Obama would be one of the most likely women in America to pay back a debt.
Worked up moms who work at home are marching in Washington and passing around petitions to change the rules. They want to be able to qualify for a credit card in their own name, based on their spouses income.
The news report went on to state, "Consumer Financial Protection Bureau right near the White House with a stack of petitions. The 50,000 signatures were from people who want the government to let banks count household income for adults applying for credit cards."
What's important to remember is that the person with an income can apply for the credit and have a card issued in their spouses name. This rule isn't targeting women, as men who stay at home with the kids are having to follow the same rules. If a credit card is that important to you, have your spouse apply.
In this economy, where it seems everyone is overspending, the rule made to protect students doesn't sound that bad. What is your opinion? Should people without jobs and without incomes be allowed credit based on their spouse? Be sure to leave a comment, no matter if you agree or disagree.