I was recently interviewed by NBC about the new rules that will be going into effect this year that will not allow stay at home spouses to use the working spouses income to qualify to get a credit card. This is one of the dumbest things I have ever heard. As a CFP I understand the pitfalls of too much consumer debt but the government cannot protect us from ourselves. This will also have way too many unforseen consequences.
Here is a link to a clip that was on a Colorado station
CBS came to interview me today about this for the 5pm news as well.
If you are a stay at home spouse and you don’t have a credit card, get one before this law goes into effect.