Impact of new credit card regulations on SAHP's

iVillage Member
Registered: 11-22-2000
Impact of new credit card regulations on SAHP's
1062
Wed, 10-19-2011 - 11:38am

I saw a little bit about this this morning, and immediately thought of this board.


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iVillage Member
Registered: 05-13-2009
Actually there was deceit and fraud perpetrated by lenders that did entice borrowers into contracts they could not afford. The lender knew it, but they collected their fees passed the risk downstream into what became toxic assets.

Banks were just as complicit in subprime lending practices as mortgage brokers, so I don't understand your last statement.
iVillage Member
Registered: 12-07-2003
No one forced credit card companies to allow SAHMs to get credit cards. For 20 years they have been extending credit to people they know are likely to default. For years, they profited handsomely-- extorting all kinds of fees-- from people who had no business with a credit card (or at least with credit limits as high as some of them have). They screwed up are trying to blame the same people they extended all of this credit to. In any case, credit card companies have never been required to give people credit cards unless they met their requirements.
iVillage Member
Registered: 12-07-2003
Too little, too late.
iVillage Member
Registered: 12-07-2003
Dh and I have kept our credit cards nominally separate. I'm not on his, and he's not on mine.
iVillage Member
Registered: 02-24-2010
egd3blessed wrote:

a couple thoughts come to mind, i don't think it places an abused woman in any more of a disadvantage.

“Clearly," said Arthur,"you're an idiot- but you're our kind of idiot. Come on.” 
― Markus ZusakThe Book Thief

iVillage Member
Registered: 06-04-2003

Thinking that your H income is yours is a really nice though but legally it is not true.

Our state is a community property state too but legally my H income is not my income. He can open a bank account in his own name and have it deposited there and I can not acces it. He can also spend it on whatever he wants and I can't do anything about it except divorce him.

iVillage Member
Registered: 06-04-2003

I agree - they did not have the statistics and I went on to read many more articles as well as part of the law. If you somebody can pay because a parent or friend will help then they can cosign a credit card.

iVillage Member
Registered: 06-04-2003

It was no legal to ask their income - only HHI. So credit card companies were at a disadvantage legally. This law

iVillage Member
Registered: 06-04-2003

This article explains it pretty well. When banks found out they could make more money giving bad loans that failed than having people pay off their debt they exploited this loophole and created mortgages they KNEW people could not pay back.

http://www.vanityfair.com/business/features/2010/04/wall-street-excerpt-201004

While I (a math major) knew the mortgages were bad mortgages it took me 6 months to convince my husband that we would

iVillage Member
Registered: 07-17-2007

(if for some reason you feel you need separate credit cards)

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