What are the rules regarding joint credit card debt?
There are two types of credit accounts: individual and joint. You can permit authorized persons to use the account with either. When you apply for credit—whether a charge card or a mortgage loan—you’ll be asked to select one type. A. Individual or Joint Account(s) Individual Account: Your income, assets, and credit history are considered by the creditor. Whether you are married or single, you alone are responsible for paying off the debt. The account will appear on your credit report, and may appear on the credit report of any “authorized” user. Advantages/Disadvantages: If you’re not employed outside the home, work part-time, or have a low-paying job, it may be difficult to demonstrate a strong financial picture without your spouse’s income. But if you open an account in your name and are responsible, no one can negatively affect your credit record. Joint Account: Your income, financial assets, and credit history — and your spouse’s — are considerations for a joint account. No matter
