The Credit Card Accountability, Responsibility and Disclosure Act of 2009 specified that lenders must consider a consumer’s individual income when they apply for a new line of credit, which has left many stay-at-home parents without the ability to get an account in their own name, according to a report from U.S. New and World Report. This can also be troublesome for Americans who are married to military service members fighting overseas, as they cannot get their spouses to co-sign on an application, and may need the account to help make ends meet.
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Other concerns often raised over this particular regulatory quirk is that some people may not be able to maintain their credit properly while married, which can lead to problems getting new accounts following a separation or divorce, the report said.
The Credit CARD Act was originally intended to protect consumers from getting into credit card debt and other financial holes they couldn’t dig themselves out of, but a few oversights may be complicating life for some Americans.