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: 01-15-2006
i have a separate checking account but DH and my name, both are on his. about credit cards, we only have one credit card aside from our debit card, i am the only one who uses it for the free rewards and his name is also on it.

 

iVillage Member
Registered: 05-13-2009
Actually, the banks were not punished, they were rewarded with a trillion dollar bailout funded by taxpayers.

Blaming the victim isn't really a convincing debate point. Sure, there were people who borrowed with no intention of paying the loan back, but most of the borrowers who were caught up were promised exponentially rising home values and a chance to refinance when their salary increased. Many were sold on false promises and the American dream of owning a home, while the banks took their fees and passed on the bad debt to the taxpayers.



There were very few banks that didn't get caught up in the mortgage and refinancing madness of the early oughts. Mortgage brokers are and were not inherently evil, they were selling products for the banks.

iVillage Member
Registered: 01-15-2006
and not all banks took TARP either, thank god for conservative banks and their conservative customer base. mortgage brokers are like investment brokers or financial advisors, they have products to sell. of course banks are their funding source, where else does money come IYO - trees?

 

iVillage Member
Registered: 05-13-2009
The whole financial industry almost ground to a halt in 2008, due to widespread financial malfeasance by many financial institutions. Even the conservative banks were in trouble, there was no money to lend.

Yes, trees - I have demonstrated my ignorance of financial matters in throughout this thread. eyeroll
iVillage Member
Registered: 12-07-2003
The problem isn't that they were looking at HHI instead of individual income. IMO, it's that they weren't really looking at income at all-- as in the example of me (a college student with a HHI of less than $5,000 per year getting a $10,000 credit limit on a credit card).
iVillage Member
Registered: 01-08-2009

No, she did not put it on a credit card.

iVillage Member
Registered: 04-22-2005

So let me get this straight: Let's say I'm a SAH mother





iVillage Member
Registered: 01-05-2000

Did not know that.

The truth may be out there but lies are in your head. Terry Pratchett

iVillage Member
Registered: 11-22-2000

Right.


Avatar for mom34101
iVillage Member
Registered: 03-27-2003
The article says that you would be able to consider your DH's income in getting a credit card: "The Federal Reserve also pointed out that in community property states -- including California and Texas -- nonworking spouses can assert joint ownership of property (including income) acquired by a working spouse. In those cases, issuers can consider the spouse's income when considering a credit card application solely in the name of the stay-at-home spouse, the board said. But that's a double-edged sword: In those same community property states, divorcing spouses can find themselves at a particular disadvantage because debts run up during a marriage belong to both spouses, regardless of whose name is on the accounts. For a new divorcee with limited ability to get credit independently, this raises the prospect of lots of debt and no way to borrow to pay it off."

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