New credit card laws mandated by the Federal Government now prevent stay-at-home parents from being able to obtain credit cards. The idea behind this new law is simple… Stop people without income from obtaining credit and loans they can’t pay for.
This law is lumped into the category of new credit laws that have also been mandated for college students, and why shouldn’t it be? After all, if you don’t have income how are you supposed to guarantee that you will be able to pay your bills?
Many far-left liberals are up in arms about this issue and they’re pointing to sexism and discrimination against women, as this law disproportionally affects more women than men, as there are substantially more stay-at-home parents who are women as opposed to men.
This has got to be the lamest excuse I’ve heard to bring sexism into a debate. This isn’t about discrimination. It’s about risk management. Lending institutions deserve the right and must be mandated to develop a system of risk management so we can prevent another economic meltdown.
The biggest problem I have with the far-left’s position is that they don’t tell the whole story. The world is now changing in a way in which credit is something that must be earned and not just simply given away because you can lie on a credit card or loan application. You must prove yourself worthy and responsible.
Although there are extreme limitations now on who can receive unsecured credit cards, this new law DOES NOT affect secured credit cards. Every major bank offers secured credit cards. Secured credit cards generally have a $250 – $500 credit limit. That amount of credit must be put down on the credit in order to receive the credit card and have it be deemed as a line of credit.
After 12 – 24 months of responsible use, your secured credit card will be converted to a real credit card and you will receive your initial $250 – $500 deposit back.
This is the way people will have to begin establishing and re-establishing credit. It’s great for college students and… YES… Stay-at-home parents. I’m sorry. I know you may feel entitled to have something you didn’t earn just because you may be a little older, but you must prove yourself worthy just like the rest of us.