Financial Literacy 2007 - Credit cards
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What Americans say about credit cards

An awful lot of Americans feel lousy about the way they're handling credit card debt, say the results of a Bankrate commissioned survey.

Twenty-five percent worry about how they are going to pay their credit card bills each month and 28 percent feel guilty about how much money they are putting on their cards.

Do you worry about how you'll pay credit card bills every month?

Source: 2007

"There's an awful lot of emotion involved when it comes to credit card debt," says Robert Manning, director of the Center for Consumer Financial Services at the Rochester Institute of Technology, "and, a lot of it is negative.

Do you sometimes feel guilty about how much money you put on your cards each month?

Source: 2007

"If the poll had only surveyed people who carry a balance on their credit cards, I'm positive you'd find that those percentages would be much higher," he says.


Susan Keating, president and CEO of the National Foundation for Credit Counseling goes one step further. After looking over the Bankrate poll results, Keating wonders whether Americans are being honest with themselves. "As the old saying goes, 'the first and most important step is admitting you have a problem' and it seems like when it comes to debt consumers are still living in denial."

Doing OK with credit cards

But there were some bright spots in our survey of 1,014 adults conducted for Bankrate by GfK, Roper Public Affairs and Media. Eight out of 10 people surveyed said they have not reached the credit limit on any of their credit cards. And, more than half of the people with credit cards say they pay their balances in full each month.


Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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