Credit card rule change could help stay-at-home parents
WASHINGTON (WKOW) -- A rule change
could help stay-at-home parents qualify for credit cards.
The current law requires credit cards issuers to consider applicants'
individual income instead of household income when making lending decisions. That
means even if stay at home parents have perfect credit, it may be difficult for
them to get their own credit card. The Consumer Financial Protection Bureau's director says the proposed
new rule would change that.
The agency is expected to propose the rule change before congress
reconvenes in November.
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