Complain about a product or service

Consumers Resolve To Kick Credit Card Habit

Tightening of limits spurs borrowers to turn their backs

December 24, 2008

• Credit Tips And Tricks • Get Control of What You Owe • No Easy Way Out Of Credit Card Debt • Penalty Fees, Interest Rate Hikes, and Misleading Contracts Await Credit Card Shoppers • "Convenience Checks" Carry a Heavy Price Tag • New Forms of Credit Scoring • Understanding Credit • Credit Bureaus: Who You're Dealing With • Reading Your Credit Report • Credit Scoring: The Fickleness of FICO • Credit Knowledge: A Long, Hard, Struggle --- News • Credit Cards Giving Consumers Heartburn • Obama Signs Credit Card Bill • Olive Garden Settles Credit Card Data Exposure Suit • Video — Credit Card Law May Produce Unintended Consequences • Senate Overwhelmingly Approves Credit Card Reform • Obama Presses Case For Credit Card Reform • Obama Wants Credit Card Legislation This Month • Americans Turn Away From Credit Cards • Credit Card Bill Passes House — Again • Credit Card Losses Spike in February • More Students Using Plastic to Pay for College • Federal Court Reinstates Credit Card Suit • Senate Committee Approves Credit Card Accountability Act • Debt Settlement Comes With Hefty Fees • Credit Card Reform Comes Back To Congress • Credit Card Rates on the Rise • Credit Card Pitches Fall Sharply • Experian To Stop Selling Credit Scores To Consumers • Class Action Filed Over Chase Credit Card Fees • Consumer Credit Plunges Record Amount in November • Consumers Resolve To Kick Credit Card Habit • Credit Card Issuers Changing the Rules --- • More about credit cards

Credit card companies appear to be tightening up policies and reducing the amount of credit to some consumers, and consumers apparently think that's just fine.

A new poll by Bankrate, Inc. found that 40 percent of consumers say they would not be upset if their credit lines disappeared. In fact, of the respondents who have credit cards, nearly one-third say they will probably charge less in 2009.

A much smaller group — only 5 percent — responded that they would be devastated with the loss of access to their credit cards. The poll is included in this month's segment of Bankrate's Financial Literacy Series: Fast track to becoming credit savvy.

Consumers also weighed in on credit card company terms and regulations and taxpayer bailouts to consumers in credit card debt. Key poll findings include the following:

Most people (72 percent) emphatically disagree that credit card companies are entitled to change the terms of your account at any time for any reason, and nearly the same number (71 percent) strongly believe that credit card companies should be more closely regulated.

Two-thirds of Americans (67 percent) say they strongly disagree that taxpayers should bail out consumers who find themselves in a big financial bind due to credit card debt.

Only 6 percent of Americans report their line of credit was decreased. A whopping 44 percent say their line was unchanged; 41 percent say their line was increased.

In looking to future use of credit cards, nearly one-third (32 percent) of respondents say they will probably charge less next year, while half say they won't change their usage. Only 1 percent plan to charge more and 15 percent say they don't plan on using credit cards at all in 2009.

When asked to pick the single biggest reason they use credit cards, 40 percent say it is more convenient than paying with cash, and 19 percent say they use them to finance emergency expenses.

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Back to the top |