As a result of provisions of the Credit Card Accountability, Responsibility and Disclosure Act, a large number of Americans, such as stay-at-home parents, are now having trouble obtaining a credit card, according to a report from U.S. News and World Report. The new laws require lenders to consider the personal – not household – income of anyone who applies for an account that will allow them to accrue credit card debt.
But because these people have no income of their own, they are often rejected, the report said. This is a particular problem for spouses of those in the military, who may need the ability to take on credit card debt to make ends meet while their husbands or wives are overseas.
However, these consumers may be able to obtain a credit card if they get their spouse to co-sign on an application. Typically, this problem only affects those applying separately, for accounts only in their name.