Payment Card News

Stocks Stink

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About four out of ten Americans indicate that heavy losses in the value of their stock portfolios make them less willing to incur more credit card debt. Among those earning $75k or more per year, nearly half say they will cut back on card use due to the wacky stock market. The findings come from a survey conducted by ICR/International Communications Research for The Debt Relief Clearinghouse and Cambridge Credit Counseling Corp. Of the 1,586 people interviewed, 28% said they were frustrated with high bank rates and fees and 11% said they got into too much debt by overspending. Based on the survey, the group predicts that in August, 20% of consumers plan to take on more debt, with 5% planning to take on a lot and 15% planning to take on a little debt.

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