Consumer Payment Card News

Stocks Stink

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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