Oh dear. As much as I’m personally not into the idea of being a stay-at-home-mom as a career choice–at least not until men can do so without eyebrows raising–this is going a little far.

The Wall Street Journal reports that the Credit Card Act signed into law last year, which was supposed to protect consumers from some of the sleazier moves of financial institutions, may also restrict stay-at-home-moms from getting credit without their husbands’ approval:

Under the proposed rule, if a customer with no income requested credit on the spot, he or she wouldn’t qualify for it unless a higher-earning spouse applied jointly.

Ouch. On the other hand, there is plenty of evidence  that spouses who choose to be stay-at-home-parents should take their financial situation more seriously. For one thing, divorce happens–a lot. Perhaps, stay-at-home-spouses would be do well to have separate bank accounts and separate retirement savings accounts.

Everyone likes to claim that being a full-time parent is just as valuable as being in the paid labor force. But what if you had to put your money where your mouth is? Maybe the spouse with the income should “pay” the stay-at-home spouse, splitting the paid labor force income 50-50.

Credit card problem solved.

- Liz