Americans Warm Up To Their Credit Cards in 2012 - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Americans Warm Up To Their Credit Cards in 2012

Americans Warm Up To Their Credit Cards in 2012

Americans Warm Up To Their Credit Cards in 2012
The content is accurate at the time of publication and is subject to change.

According to a survey conducted by the National Foundation for Credit Counseling, consumers are going into 2012 feeling more comfortable about using credit then in the previous year. In their annual poll regarding personal financial resolutions, the NFCC learned that only 6% of respondents are prioritizing decreasing their dependence on credit cards during the New Year as compared to 7% in 2011.


“At first glance, that statistic could appear to be a warning sign of future trouble. However, credit is not the problem. Instead, it is the misuse of credit that leads people into financial distress,” said NFCC spokesperson Gail Cunningham, according to a statement released on the nonprofit consumer credit-counseling organization`s website.


The poll results indicate that 62% of participants cited that decreasing debt was their #1 financial New Year`s resolution for 2012, which seems to indicate that although they may plan to use their plastic as a means of payment for goods and services, they perhaps aren`t too keen on revolving a balance from month to month. That figure is less than last year, when 69% of those polled resolved to reduce their debt load. Nonetheless, Cunningham referred to 62% as “an encouraging statistic.”


However, the American Bankers Association just released data in its Consumer Credit Delinquency Bulletin which revealed that credit card payment delinquencies, in fact, rose slightly in the third quarter of 2011 to 3.25% from 3.22%. The ABA defines “delinquency” as a late payment that is overdue by 30 days or more.


If fewer people intend to concentrate on decreasing their debts this year, the flip side is that more people are interested in increasing their credit score. Some 24% of individuals surveyed professed a desire to boost their credit rating, which may well be an indicator of the increasing importance of credit to many consumers. The previous year saw only 18% of respondents showing the urge to improve their credit score.


The poll results indicate that although many consumers seem to acknowledge the importance of sustained financial responsibility and plan to take action to achieve their goals, not enough are planning to focus on saving during the New Year. A mere 8% of survey participants intend to focus on boosting their savings, up slightly from last year`s 7%.


Cunningham said that “the low priority placed on savings is disturbing.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Bonus for the IHG Rewards Club Premier Card Gets an Upgrade

Posted: August 16, 2018

Have you been thinking about applying for the IHG Rewards Club Premier credit card? If so, you may want to check it out now because they just increased the bonus - bumping it up from 80,000 points to 100,000 points. Cardholders get the ... Continue reading
Reeds Jewelers and Synchrony Launch New Credit Card

Posted: August 15, 2018

For some people, there is nothing better than earning rewards when buying jewelry, and now people who frequent Reeds Jewelers can do just that due to a partnership with Synchrony. This deal paved the way for Reeds Jewelers to launch their ... Continue reading
Americans Are Working To Up Their Credit Score

Posted: August 14, 2018

Are you trying to increase your credit score? If so, you are not alone, according to a new study from Discover that finds that 61% of Americans are actively working toward upping their credit score. While all the generations are engaged in ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!