Reply to Enlighten me about SAHMs and credit cards

Forum Index » Off-Topic

Reply to "Enlighten me about SAHMs and credit cards"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Maybe because marital assets are owned equally by a husband and wife, regardless of who received the pay check.  This type of inquiry sets married spouses on different footing from each other if they have different earnings, even though the law otherwise generally recognized spouses as a financial unit that works collectively in its best interest, including in choosing distribution of labor, such as who works, how much, in what kind of job and with what flexibility, who takes care of childcare, family stuff, etc.  Undermining the treatment of the marital couple as a single financial unit (though, again, assets to pay off credit card bills, etc. are owned equally) shifts financial power toward the person who received the pay check.  People are not otherwise required to ask permission essentially to use money (marital property) that it theirs.  [/quote]

While this is true, it is also true that if the couple divorces, the SAHP does not have a source of income to pay any outstanding debt that may be on the CC.  Divorcing spouses are not required to turn in their credit cards if their income changes.  A bank is a business.  They need to have proof that you have a source of income with which to pay back any money that you charge and owe to the bank.  If you have two spouses and one has income and the other does not, they can open a joint account in which case, if the couple divorces, both parties are responsible for paying any outstanding debt.  That way the income earning spouse can still be held responsible for any charges made on the account, by either party.

No one is arguing that you did not make the best decision for your family, but a bank only has to watch the bottom line.  They are only required to extend credit to those who show they have the means to repay any debt incurred.  [/quote]

The banks weren't looking for this requirement to be thrust upon them.  They are now obligated to assess individuals' income, it's not optional.  I agree with you, let the banks decide.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics