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Don’t set us back half a century! Give stay-at-home moms credit.

Posted by on May. 2, 2012 at 5:03 PM
  • 237 Replies
2 moms liked this

In 1974 Congresswoman Bella Abzug realized something: she could make laws in Congress, but she couldn’t get her own credit card without her husband’s permission.

Now, almost 40 years after Congresswoman Abzug fought for - and won - the rights of women to get their own credit, that right is being threatened.


Last year, a law called the CARD Act took effect. It was meant to protect consumers from misleading credit card practices. Instead, it set the United States back almost half a century. The CARD Act changed the way people - especially stay at home moms - could apply for a credit card. Instead of filling in your “household income” (the combined income of you and your partner or spouse), you can only note your own income. What does this mean?

It is 2012, and because I’m a stay at home mom, I can’t get my own credit card. My husband has to give me permission to get my own line of credit. This is demeaning and flat out unfair.

This is despite the fact that I make 95% of our household purchases, have an impeccable credit score and handle the majority of my family’s finances.

The Consumer Financial Protection Bureau has the ability to change the CARD Act without going through a long, painful Congressional process. In fact, the Consumer Financial Protection Bureau was created “to make markets for consumer financial products and services work for Americans”.

I am an American and I’m a stay at home mom. There are millions of parents out there, just like me, who should be given the right to their own credit, but we need the CFPB to make this service work for us.

Join me to tell the Consumer Financial Protection Bureau to fix this broken rule. Stay at home parents shouldn’t be devalued by our country’s credit policies.

http://www.change.org/petitions/don-t-set-us-back-half-a-century-give-stay-at-home-moms-credit#

by on May. 2, 2012 at 5:03 PM
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Replies (1-10):
iluv2meow
by on May. 2, 2012 at 5:05 PM
4 moms liked this

oh chit I can see how this can be a real issue

karla85
by Bronze Member on May. 2, 2012 at 5:07 PM
8 moms liked this
Serious question: even if you get a credit card on your name, isn't your dh the one who is going to have to pay it? I mean, yeah you handle the money, but he is the only one making it. Kwim
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GOBryan
by Silver Member on May. 2, 2012 at 5:08 PM
5 moms liked this

Stay at home moms don't get a salary so even though it's work, there's no income. A credit card can only be obtained based on income since the limit is based on that along with score. Without income, there's no guarantee that one can pay it. Makes perfect sense to me why a SAHM can't obtain a c/c without proof of some kind of income. 

lovinmyboys...
by Member on May. 2, 2012 at 5:08 PM
7 moms liked this
We fought and fought for women's rights, but apparently staying at home with your children should no longer be a right! Us SAHM's keep getting bashed for our decision to "not contribute". I can understand not giving a women with bad or no credit a card, but why not if they have good or great credit?
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Nighttiger
by Bronze Member on May. 2, 2012 at 5:10 PM
1 mom liked this

I actually recently noticed that change. I knew for a long time it asked for household income.  DH got a card offer in the mail that was pretty good recently, but because of his type of work, he doesn't have steady, verifiable income. I told him just to put my income as our household income, but there is no longer a line for that. Its not just SAH parents that will be affected...its those that are starting out a business as well.  Not good.

GOBryan
by Silver Member on May. 2, 2012 at 5:11 PM


Because you don't have income to pay for it. Your husband's income is what he makes, not you, therefore, he would have to be listed for that purpose. Makes perfect sense. 

Quoting lovinmyboys...:

We fought and fought for women's rights, but apparently staying at home with your children should no longer be a right! Us SAHM's keep getting bashed for our decision to "not contribute". I can understand not giving a women with bad or no credit a card, but why not if they have good or great credit?


Nighttiger
by Bronze Member on May. 2, 2012 at 5:13 PM
2 moms liked this

Its important for everyone to be able to establish and maintain a credit history.  If there is one SAH parent, it is usually agreed upon by both parties who then split the income in some manner.  To say just because his income will pay the bills means it shouldn't be in her name is wrong.  She needs her own credit history. What happens if something were to happen to the working parent and the SAH parent has not been able to maintain their credit history?

Quoting karla85:

Serious question: even if you get a credit card on your name, isn't your dh the one who is going to have to pay it? I mean, yeah you handle the money, but he is the only one making it. Kwim


opal10161973
by Silver Member on May. 2, 2012 at 5:19 PM
1 mom liked this

This means that SAH parents would have little to no credit history for years.  What if that person was being abused?  Or what if they divorce?  The non working parent would be completely screwed.  The one making the income is required to sign up for the credit card.  This is so wrong. 


Tanya93
by on May. 2, 2012 at 5:20 PM
3 moms liked this

So people with no income should be given credit cards?


Yeah, that worked out so well for college kids didn't it?  

Quoting opal10161973:

This means that SAH parents would have little to no credit history for years.  What if that person was being abused?  Or what if they divorce?  The non working parent would be completely screwed.  The one making the income is required to sign up for the credit card.  This is so wrong. 



iluv2meow
by on May. 2, 2012 at 5:22 PM
2 moms liked this

The woman does the grocery shopping. Not everyone wants to carry CASH. Why should the husband be burdened with shopping because the now the woman cannot carry or use a damn credit card... I mean that makes no sense at all.

Quoting GOBryan:


Because you don't have income to pay for it. Your husband's income is what he makes, not you, therefore, he would have to be listed for that purpose. Makes perfect sense. 

Quoting lovinmyboys...:

We fought and fought for women's rights, but apparently staying at home with your children should no longer be a right! Us SAHM's keep getting bashed for our decision to "not contribute". I can understand not giving a women with bad or no credit a card, but why not if they have good or great credit?




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