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Stay-at-home parents need some financial independence
By Sam Craine on Jun 20th, 2010
Some people may opt to stay at home with their kids while their spouse works, leading to a situation where they ignore their own individual finances.
Recently, CBS MoneyWatch noted that stay-at-home parents should make sure to have an independent financial life, which could include having a credit card debt account. That can help keep up a consumer's credit score, which is an important factor in applying for loans.
"You can do this by keeping your own credit card and making sure to pay your bill on time," Stacey Bradford wrote in a piece for the news organization.
However, new rules from the federal government may make it more difficult for stay-at-home parents to get their own credit card debt account. That's because lenders have to take into account a person's income during the application process, and many of these consumers may not have an independent income.
Even if they do have a credit card, stay-at-home parents should make sure they pay it off every month and don't run up too much debt. But, if they do, they may consider an option like debt consolidation, which may lead to lower interest rates.
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