Lending Club Blog

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.

Americans continue to carry credit card debt at high interest rates

Key findings:

  • 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

Read the full Lending Club survey findings here

Women less likely to know their credit score

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)

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Thursday, June 24th, 2010 at 8:15 pm

Comments (8)

  1. Aaron:

    Hi Rob.. I’ve found personally that transferring balances with low
    rate balance transfers is a lot easier than trying to negotiate
    lower rates with your current creditor. It’s sad that some people
    just give up and are stick with the higher rates.

    June 28th, 2010 at 7:05 am

  2. Liver:

    Interesting results. People are used to act in certain way and even
    they know they could do better it’s hard to give up old habits.

    July 2nd, 2010 at 11:43 am

  3. […] Americans are still not learning from the mistakes of the
    past two years according to a new survey by Harris Interactive that
    was commissioned by Lending Club, the peer-to-peer lender. A lot of
    people continue to ignore […]

    July 13th, 2010 at 5:02 am

  4. Steve Marino:

    Nice stats there. Although interest rates are at a lifetime low,
    the same can’t be said about credit card rates where people are at
    the mercy of whatever they get charged (and unbelievably know
    they’re getting ripped off but don’t do anything to reduce the
    rates they’re paying). Not sure why, but I was surprised that women
    are less likely to know their credit score than men.

    July 17th, 2010 at 6:46 pm

  5. Roche:

    Does Harris Interactive know that the best way to improve your
    credit score is to reduce it to zero by paying off all your debt?
    Probably not. There are still millions of people out there who
    believe a high credit score is a good thing but more and more are
    learning that this is wrong. If you are one of those who still
    think 700 is stupendous please read “Total Money Makeover” by Dave
    Ramsey so you can understand that 700 is stupid.

    July 18th, 2010 at 11:03 am

  6. I have tried pushing balances from one card to another in the past
    to take advantage of free or low initial APR. I don’t think its the
    best move unless you are really able to stay on top of things. Any
    little mistake (single late payment) and your right back up to the
    high interest rates. Much better to just negotiate with your
    current card holder if possible.

    July 23rd, 2010 at 6:58 am

  7. Howard:

    Why should Americans know or even care about their credit rating or
    score ? We just watched the last administration cut taxes twice and
    start two wars then start the biggest bank bailout in history. Then
    we watch this administration carry on the trend of spend spend
    spend. Americans in general don’t seem to care about credit and its
    damaging affects on our lifestyles as we have no good role models
    to learn from.

    July 25th, 2010 at 8:11 am

  8. Hmm, interesting but sad facts…

    July 28th, 2010 at 1:58 am


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