Tuesday, January 04, 2011

Federal Reserve proposed interpretation of Credit Card Act could hurt stay-at-home moms

The Federal Reserve, as a result of the Credit Card Accountability and Disclosure Act of 2009, has proposed a rule that would require credit card grantors to consider only a prospective borrower’s own “independent” income, rather than household income, as with a married couple. The Wall Street Journal has a story Dec. 31 by Robin Sidel, “Retailers swipe at credit card plan”, link here.

The rule could make it harder on married spouses who stay at home (as with children). It might also have a effect in certain kinds of eldercare domestic situations.

Here’s another perspective on the Act.

Here’s the text of the Act.

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