Non-Working Spouses Finally Get Some Credit

By on

When Congress passed the Credit Card Accountability, Responsibility and Disclosure Act of 2009, it included language requiring anyone applying for credit to prove they had income sufficient to pay the bill.

While aimed at curbing the routine issuance of credit cards to those unable to pay their bills – think college students – it had an unintended consequence: It left stay-at-home spouses unable to get a credit card on their own.

But thanks to a petition begun by a former employee of Capital One, the regulation may soon be rewritten. According to this article from Bloomberg, the head of the Consumer Financial Protection Bureau, Richard Cordray, will be proposing new rules that would make an exception for non-working spouses.

“We have determined that it is a significant problem,” Cordray said. He added that “tens if not hundreds of thousands” of Americans have been denied access to credit as a result of the rule.

But don’t hold your breath. Cordray said the new rules won’t be proposed until after the election.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Check out our hottest deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,159 more deals!

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.