One third (33%) of consumers say their card companies have altered their rate and terms for the worse, according to a new survey by Credit.com. Those polled reported their card issuers:
- Increased their interest rate–19% (up from 15% in February survey)
- Increased their fees–14%
- Lowered their credit limit–14% (up from 8% in February survey)
- Increased their minimum payment due–12%
- Reduced their rewards program–9%
This national telephone poll was conducted for Credit.com by GfK Custom Research North America from June 12-14, 2009. A total of 1,000 interviews were completed, with roughly 500 female adults and 500 male adults. The margin of error is +/- 3 percentage points for the full sample.
For more on dealing with the credit crunch, read:
- Banks have declared war–on you
- 6 steps for paying off toxic debt
- The credit card party is officially over
- Thaw out your frozen credit
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