Los Angeles, CA (PRWEB) May 22, 2012
To drill below the national economic news and credit card statistics, CreditDonkey, a credit card comparison and financial education Web site, surveyed 368 consumers online in February 2012 to consider the width of the divide between people who say they are struggling to pay their bills each month and those who say they are not. The preliminary study was not designed to yield broadly representative data about all Americans, but rather, it looks at specific consumers to compare their perceptions about their own financial stability to their use of credit cards and their payment behaviors.
Survey Analysis: http://www.creditdonkey.com/behind-statistics.html
As expected, the survey generated many questions for further study along with some troubling indicators, all of which revealed key areas where CreditDonkey can continue to contribute to the consumer financial education needs of credit card users.
New disclosures on statements may not be a remedy for their struggles, which corroborates data collected by the Consumer Financial Protection Bureau that shows 70 percent of consumers have noticed new information about making minimum payments, yet only 31 percent of cardholders who recall seeing the new information on their statements report that this information has caused them either to increase the payments they make or to reduce their use of credit.
“The long-term interest costs for people who pay only the minimum amount due on their credit card statements are enormous,” said Charles Tran, founder of CreditDonkey, “So it was disappointing to find that a good number of these people are primarily using their credit cards to buy gas. Whether out of necessity or lack of knowledge, people who primarily use their credit cards to buy gas and regularly pay the minimum amount due are headed for an economic death spiral as gas prices rise.”
To learn more about the survey, visit http://www.creditdonkey.com/behind-statistics.html