New rule cuts credit cards for stay-at-home parents

RICHMOND, VA (WWBT) - A new rule goes into effect later this year, that doesn't allow stay-at-home parents to get a credit card.

New credit card regulations are blocking banks from giving credit cards to people who don't have an individual source of income.

It's meant to keep credit out of the hands of those who can't afford it.

It also means stay-at-home spouses could find it impossible to get a new card once the new rule takes effect.

Consumer expert Matt Tuttle says it's a good strategy to help keep people out of debt, "it's life. People need to be educated, people need to educate themselves about this and about the importance of avoiding consumer debt but the government can't protect us from ourselves."

The new rule will also apply to military spouses whose partners are serving overseas.

It takes effect October 1, although card issuers could enforce it at any time.

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