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Some consumers drawing back on using credit cards when facing account changes, while others may turn to debt consolidation
12/14/2009
Credit card debt is a concern for many consumers and a recent poll shows that some people have turned away from their credit card in the face of changes to their accounts.
The poll, which was conducted by comScore, noted that 55 percent of respondents said they used a credit card less when the terms of the account were changed. Though some people used cards less, others went so far as to stop using the card (27 percent) or cancel the account (12 percent).
"This past year has been very volatile in the credit card industry, both for issuers and consumers," said Kevin Levitt, comScore vice president.
On the whole people are doing more in order to reduce the amount of credit card debt they have. Recently, the Federal Reserve reported that the amount of revolving consumer credit dropped 9.3 percent in October.
However, paying off a credit card may not be the easiest thing to do for many consumers. For those who are having problems, one option may be debt consolidation, which may bring consumers a bit of ease when it comes to the amount of interest they pay each month.
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