Credit card issuing banks are lobbying federal regulators in an attempt to put restrictions on who qualifies for a credit card. Under their proposed changes, for example, if your spouse makes the family income but you stay at home and don’t draw a salary because you are raising kids or caring for a sick parent then you won’t be eligible for a credit card of your own.
The card companies argue that giving cards to people who do not have any verifiable income is a mistake, and that many people who fall into that category end up defaulting on their payments. Blaming this kind of credit for many of the recent problems with credit card delinquency and nonpayment, they say that they believe those who do not earn a paycheck should not be issued plastic.
The rules are expected to go into effect by the end of the year. So
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The future looks optimistic for the first time in several years for credit card companies. Even with the Federal Reserve focusing their attention on regulating credit card fees and penalties charged to consumers, banks have technology to thank for the positive outlook. Increases in smart phone payment services, e-commerce and a steady drop in credit defaults have given the industry new, long-term revenue prospects and reason for the upbeat opinion on the future of credit cards.