New Credit Card Regulations Hurt Women

Thanks to jubayr for the idea for the post and talking it out with me. xo.

So, I sometimes visit this website for young women that tells you how to deal with your money. I’ve come to the conclusion in the last year or so that being a revolutionary doesnt mean that you shouldnt plan for retirement. Of course, if we’re successful, I will never see the money I put into a (hypothetical) 401K, but if we’re successful, I won’t care. Then again, there are other possible futures out there ranging from fascism to state capitalist counterrevolution, but I try not to think about those too much when I’m dreaming of the future.

Anyhow, this website usually isn’t very political, although they sometimes have good essays explaining how finance capital works or the state of the economy, albeit from the perspective of finance capital, and not production. However, they’ve started a series that does take on some more “controversial” issues, and today’s article outlines the impacts of the Credit CARD Act on stay-at-home moms.

Basically, the new act doesnt allow you to get credit if you dont have your own, individual income. It seems that you used to be able to apply yourself for a credit card based on household income. The rationale for the new regulations is to keep unemployed college kids from running up credit card debt, but now stay-at-home parents, or caregivers of any kind, can’t apply for their own credit. The article does a good job of outlining how this disproportionately impacts women, how for women in abusive relationships financial insecurity is a big reason women stay in the relationship, and how housewives do work that is just as valuable as wage-earners, but it is simply unwaged. That last part is actually a pretty shocking thing to see on a mainstream website. I’m very impressed.

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