Survey says… Americans Not Making the Most of Hard-Learned Credit Lessons
Americans still aren’t making the most of hard-learned credit lessons: they continue to carry high interest credit card debt and do not know how to improve their credit scores, according to the results of a survey conducted online from May 20-24, 2010 by Harris Interactive® on behalf of Lending Club, the leading U.S. peer lending network.
- The majority of Americans know the rates they are paying on their credit card and their credit rating
- Despite this awareness, they continue to carry high interest credit card debt and many do not know how to improve their credit scores
- Of those who know the rates on their credit cards, 31 percent have an interest rate of 20 percent or more and 64 percent pay 14 percent or more
- 65 percent of credit card users have never tried to negotiate a better interest rate, though 93 percent know it’s possible
- Gender gap: women are less likely to know their credit score and interest rate than men
What’s your take on these interesting findings? Leave a comment below with your thoughts.
Download the complete survey results here (394 kb. Word doc)