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Debt consolidation may help consumers after feeling mistreated by a bank
12/24/2009
Difficulties with credit card debt and other accounts may have led to some customers feeling hurt by the actions of banks.
In fact, a recent survey from AlixPartners shows that 36 percent of respondents said that they, or someone they know, faced some sort of mistreatment by a bank. As a result, many of those respondents chose to change banks. Furthermore, 75 percent of all respondents said they were unhappy with banks.
"If for no other reason than to avoid potentially onerous regulation, banks and other financial institutions need to factor this populist sentiment into their business strategies," Pierre Buhler, a managing director of AlixPartners, said.
Some of the practices that may have peeved consumers include foreclosures. Other reports have noted that the banks' treatment of credit card debt accounts has drawn the ire of many consumers, as lenders switch account terms to better deal with new regulations and a tight credit market.
Consumers who find that their credit card debts are too much to handle do have avenues they can go down, including debt consolidation, which can help reduce the interest charged on loans. Debt consolidation also makes payment easier through consumers getting one bill, rather than multiple statements.
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