Author Topic: Ridiculous - SAHM have right to credit cards  (Read 1269 times)

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Offline Matthew

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Ridiculous - SAHM have right to credit cards
« on: September 24, 2012, 10:06:36 AM »
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  • NEW YORK (CNNMoney) -- Help is on the way for stay-at-home parents being denied credit cards because they don't have income of their own.
    The Consumer Financial Protection Bureau will propose a rule within the next few months that will make it easier for applicants without personal income to qualify for credit cards, the agency's director Richard Cordray said at a congressional hearing last week.
    That's good news for many stay-at-home parents. Currently, an amendment to the Federal Reserve's Card Act rules that took effect last October requires credit card issuers to consider applicants' individual income instead of household income when making lending decisions. So stay-at-home moms and dads who rely on a spouse's income may have a harder time getting approved for cards on their own, even if they have perfect credit.
    After gathering information and input from the public this summer, "we have determined that it is a significant problem," Cordray said at the hearing. "There are tens -- and perhaps hundreds -- of thousands of individuals who perhaps have been denied access to credit as a result of the way the law was interpreted."

    Related: $600,000 mortgage debt, but wants to be a stay-at-home mom

    Rather then amend or clarify the current legislation, the CFPB plans to write a new rule, which will be proposed before Congress reconvenes in November.

    Holly McCall, a 34-year-old stay-at-home mother of two from Vienna, Va., says she was denied a credit card because of the current rule, and launched a petition in May urging the CFPB to take action. The petition received more than 50,000 signatures, and about a half-dozen supporters brought the petition to CFPB headquarters in Washington, D.C.

    "Stay-at-home moms shouldn't have to ask their husbands for permission to get a credit card, and I'm glad to hear Director Cordray agrees," McCall said.
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    Offline Matthew

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    Ridiculous - SAHM have right to credit cards
    « Reply #1 on: September 24, 2012, 10:08:04 AM »
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  • So, the husband provides the income, but he has no say over how it's spent?

    What kind of bizarre breed of feminism is this?  You get to stay home (maybe because it suits you?) but you have a right to your husband's money as much as he does -- in such a way that you're not "under" your husband in any way?

    You can just go get a credit card and buy whatever you want, without running it by him?

    I don't think so.
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    Offline Telesphorus

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    Ridiculous - SAHM have right to credit cards
    « Reply #2 on: September 24, 2012, 10:17:15 AM »
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  • I've heard related that in some states cutting up a joint credit card that a wife abuses can be treated as domestic violence.

    Offline ancien regime

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    Ridiculous - SAHM have right to credit cards
    « Reply #3 on: September 24, 2012, 11:18:09 AM »
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  • Before all of you get too worked up, there has been a long time prejudice against stay at home wives and mothers in the credit industry. Before changes in the credit reporting laws whereby family credit was reported under both names, when the husband died, the wife was left in the same status as someone just graduating from high school. She received zero participation in her husband's credit record. This despite her participation in the economic success of the household, such as purchasing and savings decisions. It was a case of true discrimination that left many widows (and, yes, abandoned wives) in a dire economic situation. I have worked with women who were left in this position and it was not pretty. They literally had to struggle to keep food on the table after the death of their husbands and they often had several children to care for. Ironically, they were considered to be responsible for their husbands' debts, but were not able to participate in any positive side of his credit.

    The credit issuing institutions seemed to have moved back to that practice of considering the individual's credit and not the household credit. It divides the family unit into the individual members. It is a not-too-subtle undermining of the family.

    A wife, as wife, should be able to open a credit card in her own name just as the husband should. The income should be considered as joint income just as the income taxes are filed as joint income. Just because she has forgone working outside the home does not mean that she should have to forgo her ability to operate in the financial world. Leave the decision on whether to get a card to be made between husband and wife, not by some paper pusher in a bank.

    Offline clare

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    Ridiculous - SAHM have right to credit cards
    « Reply #4 on: September 24, 2012, 11:34:48 AM »
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  • Why would anyone want a credit card anyway?


    Offline ancien regime

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    Ridiculous - SAHM have right to credit cards
    « Reply #5 on: September 24, 2012, 11:56:10 AM »
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  • Quote from: clare
    Why would anyone want a credit card anyway?


    Because it is becoming more and more difficult to function in modern society without either a credit card or a debit card. The credit card system includes debit cards. However, credit cards are safer that debit cards. If you lose a debit card, a thief could clean out your checking account before you have even missed the card. Whereas a credit card has a limit on the amount that you are responsible for if the card it stolen (generally $50).

    Also, if you need to rent a car or a reserve and pay for a hotel room, you have to have a credit card.

    It's all a part of the modern monetary system's plan to eventually do away with cash.

    It's a great thing to use credit cards as little as possible, but they are useful tools.

    Your skepticism is good, would that we could go back to a cash and barter system.

    Offline clare

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    Ridiculous - SAHM have right to credit cards
    « Reply #6 on: September 24, 2012, 12:42:33 PM »
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  • Quote from: ancien regime
    Quote from: clare
    Why would anyone want a credit card anyway?


    Because it is becoming more and more difficult to function in modern society without either a credit card or a debit card. The credit card system includes debit cards. However, credit cards are safer that debit cards. If you lose a debit card, a thief could clean out your checking account before you have even missed the card. Whereas a credit card has a limit on the amount that you are responsible for if the card it stolen (generally $50).

    Also, if you need to rent a car or a reserve and pay for a hotel room, you have to have a credit card.

    It's all a part of the modern monetary system's plan to eventually do away with cash.

    It's a great thing to use credit cards as little as possible, but they are useful tools.

    Your skepticism is good, would that we could go back to a cash and barter system.

    Ok, you've convinced me!

    I have a debit card. I have had two credit cards, but I only used one once, before I knew how they worked. The other I was convinced to get as a store loyalty card. I never used it. I just never liked them. I don't like paying on statements; I prefer to pay when I buy. But, yes, I can see that debit cards might be risky.

    Offline Matthew

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    Ridiculous - SAHM have right to credit cards
    « Reply #7 on: September 24, 2012, 01:12:29 PM »
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  • Quote from: ancien regime
    Before all of you get too worked up, there has been a long time prejudice against stay at home wives and mothers in the credit industry. Before changes in the credit reporting laws whereby family credit was reported under both names, when the husband died, the wife was left in the same status as someone just graduating from high school. She received zero participation in her husband's credit record. This despite her participation in the economic success of the household, such as purchasing and savings decisions. It was a case of true discrimination that left many widows (and, yes, abandoned wives) in a dire economic situation. I have worked with women who were left in this position and it was not pretty. They literally had to struggle to keep food on the table after the death of their husbands and they often had several children to care for. Ironically, they were considered to be responsible for their husbands' debts, but were not able to participate in any positive side of his credit.

    The credit issuing institutions seemed to have moved back to that practice of considering the individual's credit and not the household credit. It divides the family unit into the individual members. It is a not-too-subtle undermining of the family.

    A wife, as wife, should be able to open a credit card in her own name just as the husband should. The income should be considered as joint income just as the income taxes are filed as joint income. Just because she has forgone working outside the home does not mean that she should have to forgo her ability to operate in the financial world. Leave the decision on whether to get a card to be made between husband and wife, not by some paper pusher in a bank.


    I don't disagree with anything you said.

    But look at how the article ended; that is what I found ridiculous.

    Quote
    "Stay-at-home moms shouldn't have to ask their husbands for permission to get a credit card, and I'm glad to hear Director Cordray agrees," McCall said.
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    Offline Telesphorus

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    Ridiculous - SAHM have right to credit cards
    « Reply #8 on: September 24, 2012, 01:22:10 PM »
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  • So now men are, according to these people, obligated to take on their wives debts, without any say in how those debts are incurred

    What feminist women (and many trad women will go along with it - they and their families will resort to the feminist laws at the drop of a hat) consider abuse includes every single right that men traditionally held as husbands.

    Offline Tiffany

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    Ridiculous - SAHM have right to credit cards
    « Reply #9 on: September 24, 2012, 02:23:39 PM »
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  • Quote from: Telesphorus
    So now men are, according to these people, obligated to take on their wives debts, without any say in how those debts are incurred

    What feminist women (and many trad women will go along with it - they and their families will resort to the feminist laws at the drop of a hat) consider abuse includes every single right that men traditionally held as husbands.




    It's not a joint account, she is just able to use their household income in the application process.

    Mr B earns $30K per year and his bank account is only in his name.

    He gives Mrs B an allownaance.

    Mrs. B can apply for Visa with an income of $30K.

    The Visa is in Mrs. B's name and is a line on her credit report.

    It's not automatically a joint account.

    If Mrs. B defaults it is not on Mr. B's  credit report.

    They only time Mr. B may be forced to pay is if they get divorced and they settle with him paying or the judge rules he has to pay.




    Offline Telesphorus

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    Ridiculous - SAHM have right to credit cards
    « Reply #10 on: September 24, 2012, 02:54:41 PM »
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  • Quote
    They only time Mr. B may be forced to pay is if they get divorced and they settle with him paying or the judge rules he has to pay.


    That's a big "if."

    And if creditors come knocking because she runs up a debt and defaults, what are the husband's recourses in that situation?  Put up with it?  Or pay?


    Offline PenitentWoman

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    Ridiculous - SAHM have right to credit cards
    « Reply #11 on: September 24, 2012, 04:34:34 PM »
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  • I think the term "stay at home mom" is too big of a blanket.

    There is being a SAHM as a vocation

    and there is being a SAHM, as a status

    I am going to guess the women who push for SAHM legal protections aren't choosing  the vocation of homemaker.  It seems like most women who stay at home see as a temporary thing. They only have a couple of children and  then big plans for when those children are in school.  Staying at home means using the health club daycare and going to MOPS meetings.  

    I've noticed in a few parenting board siggys something like this: "I'm a stay at home MOM, not a stay at home MAID"  --so that should give everyone a good idea as to how modern mom's feel about being a housewives.  



    ~For we are saved by hope. But hope that is seen, is not hope. For what a man seeth, why doth he hope for? But if we hope for that which we see not, we wait for it with patience. ~ Romans 8:24-25

    Offline Sigismund

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    Ridiculous - SAHM have right to credit cards
    « Reply #12 on: September 24, 2012, 05:25:33 PM »
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  • Quote from: clare
    Why would anyone want a credit card anyway?


    Since the advent of debit cards, I have been able to do without one completely.
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