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Monday, September 28, 2009

Credit Card Debt- Driving the Economic Decline

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Credit Card fees and rates are furthering the decline:

Credit card satisfaction has reached an all-time low according to the study made by J.D. Power and associates.

Since its creation in 2007, this is the lowest turn-out yet. This is due to an increase in dissatisfaction with credit card rates and credit card fees by the consumer.

On a one-thousand point scale, satisfaction has reach seven-hundred-and-three. Almost twenty-percent have reported increase in rates since last year.

That’s nearly double from the year before.

Its no wonder consumers are so irked.

Nobody likes paying interest as it is.

To continually increase the rate is foolhardy at best.

Another thing in which the consumers have reported dissatisfaction is the penalty for late payments.

Of all the things discussed in the study, one of the most important is communication.

With proper and concise communication among the company and the consumer, a lot of misunderstanding can be avoided.

These results might make the public wonder if these new legislations imposed by Washington to help the consumer have really worked at all.

However, things like that take time to truly have an effect, so perhaps by next years study, things will have changed.

One thing is for certain though.

If the credit card companies continue to do nothing more than just follow regulations, then it isn’t likely that the consumers will be any more satisfied next year than they were this year.

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