How the latest credit card rules will affect consumers

Significant changes in credit card rules have taken place over the past year, some more taking effect this month. The new rules were designed to make credit cards and debit cards more transparent to the consumers using them. Depending on your financial situation the new rules may help or hurt.

Brian Bradshaw is a stay-at-home dad. While his wife is working, he's taking care of the kids which does not come with a paycheck. A new credit card rule now prohibits Bradshaw from applying for a credit card in his name.

Bradshaw says, "Once you're married, you're a family. Everything is the family's. So the idea that I couldn't use my wife's salary for proof of income or that my wife couldn't use mine for proof of income I find kind of strange."

The new rule essentially says non-working spouses can no longer claim household income when applying for a credit card. Continue Reading.

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