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Recession may have hurt confidence in banks, card issuers
By Edith Barlow on May 12th, 2010
After many consumers dealt with credit card debt problems during the recession, their opinion of banks and other financial institutions may have fallen.
This theory has been vetted out by recent research from comScore, which showed that satisfaction with credit card companies dropped from 65 to 60 percent of those asked in a recent survey. Banks, meanwhile, saw satisfaction decline from 72 to 70 percent.
"It is evident that the economic climate of the past year has affected not only consumers' attitudes and perceptions of their financial institutions, but also how they are interacting with them," comScore senior director Marc Trudeau said.
Some consumers' may have been stung by increases in interest rates on their credit card debt, which many companies instituted to deal with losses they thought they would experience because of new regulations.
The Credit Card Accountability, Responsibility and Disclosure Act limits the ability of card companies to change interest rates on accounts. It also requires card issuers to consider a person's income before granting them an account.
Billing statements were also changed by the Credit CARD Act and now include a phone number that connects people to consumer credit counseling services.
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