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Re: WHAT?????????? Ya dont need an income to get a credit card??? WOW, Here we go big this time,,,, friggin nuts......
By: Decomposed in
ROUND Tue, 25 Sep 12 5:21 PM
re: "The Consumer Financial Protection Bureau will propose a rule within the next few months that will make it easier for applicants without personal income to qualify for credit cards"
I first thought that this was completely insane, but after reading the piece, it's only 90% nuts. At least I understand it now. And I've concluded that it is a bad idea.
The article says credit card companies currently look at individual incomes instead of household incomes in deciding to issue cards. This bill aims to change that.
Obviously, the goal is to let husabands or wives obtain credit INDEPENDENT of their spouse's consent. Why would anyone want to do that? The only reason I can come up with is so that one spouse can spend money without the other spouse knowing. After all, my wife is a stay-at-home mom, but she's got credit cards. She's on MY cards. I think that's what most families do, unless they have a desire to maintain separate budgets.
IMO, the bill is going to cause more problems than it solves. If a spouse can now sneak around behind the other's back, obtaining credit cards and spending money without the other's consent, bankruptcies are going to skyrocket. And so are divorces.
ANOTHER great idea from the brilliant minds that brought us TARP and FAST & FURIOUS.
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