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Some consumers paying credit card debt in full
By Angela Hawke on Jun 30th, 2010
A new poll from a product search engine shows that consumers are still trying to get a handle on their debt.
According to the survey from BillShrink.com taken in June, 67 percent of respondents said they are paying off their credit card debts in full every month. That marks an increase seen from a year ago, when 43 percent of those polled did so.
The survey also showed that the last four months have seen a rise in the rate at which people pay off debt on credit cards. The company noted this corresponds with new regulations from the Credit Card Accountability, Responsibility and Disclosure Act.
The act requires that card companies report to customers how long it would take them to pay off debt if they only made minimum monthly requirements. Issuers also may have to reconsider the kind of interest rates consumers face.
Schwark Satyavolu, CEO of BillShrink, said that some consumers are switching to cards with lower rates, which may be why they are able to pay off debt.
"We've also found that as card issuers revamp their risk models and lower spending limits for customers, many Americans are forced to curb reckless spending behaviors," Satyavolu said.
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