Stay-at-Home Parents Win Financial Victory

stay at home mom credit cardStay-at-home parents won a victory over their own financial futures late last week when the Consumer Financial Protection Bureau (CFPB) agreed to propose a new rule requiring credit card issuers to take household, rather than just individual, income into consideration on an application for credit.


The proposed rule will remedy an issue that arose last year when the Federal Reserve stipulated that credit card agencies could only consider individual income on an application. The Credit Accountability, Responsibility & Disclosure Act (CARD), which was intended to protect consumers, essentially barred non-working spouses–including stay-at-home parents–from gaining their own lines of credit.


The change comes after a grassroots initiative by stay-at-home mom Holly McCall who was declined for a credit card because her husband was the one earning the money in their household. The denial felt like an unwelcome throwback to another time in American history when in 1974 Bella Abzug, women’s rights activist and congresswoman, realized she was not able to gain her own line of credit without her husband’s permission. Azburg fought to change that restriction and won, but the enactment of CARD in 2011 created a new financial wall for parents who choose to stay home with their children.


McCall filed an online petition that received tens of thousands of signatures and teamed up with mothers’ rights group MomsRising, prompting the CFPB to take action.


“I am an American and I’m a stay-at-home mom. There are millions of parents out there, just like me, who should be given the right to their own credit, but we need the CFPB to make this service work for us,” Holly writes in her call to action on


Thanks to her hard work she should now have that right come November.


image credit:


Melanie Mayo-Laakso is the Content Manager for Mothering is the birthplace of natural family living and attachment parenting. We celebrate the experience of parenthood as worthy of one’s best efforts and are at once fierce advocates for children and gentle supporters of parents.


Recommended Reading