Help could soon be on the way for stay-at-home parents being denied credit cards because they don't have their own income. The Consumer Financial Protection Bureau is expected to propose a rule in the coming months to make it easier for people without personal income to qualify for credit cards. The agency's director announced the plan last week during a congressional hearing.
Currently, the law requires credit card issuers to consider applicants' individual income instead of household income when making lending decisions. That means a lot of stay-at-home parents have a hard time getting their own credit card, even if they have perfect credit.
The new proposed rule is expected to be proposed before Congress reconvenes in November.
