FILE - This July 30, 2008, file photo, shows credit card stickers posted at a bowling alley in Palo Alto, Calif.
Paul Sakuma, Associated Press
More than 33 percent of Americans believe that making minimum payments on credit card debt will reduce the interest rate or stop it from accruing until the next bill, according to a recent survey from CreditDonkey.com.
CreditDonkey, a credit card comparison website, commissioned a survey on credit card literacy showing that 30 percent of Americans think that Chapter 7 bankruptcy doesn’t eliminate debt.
About 36 percent of respondents said they believe self-checking your credit report will hurt your score, which it doesn’t.
The good news is nearly 92 percent of respondents were aware that debit cards can’t build a credit history or repair damaged credit. Nearly 90 percent knew that asking for a lower credit limit does not automatically improve a credit score.
“Overall, I was pleasantly surprised at how many people knew their stuff when it came to credit cards,” Charles Tran, founder of CreditDonkey.com, said in a statement.
EMAIL: jferguson@desnews.com
TWITTER: @joeyferguson
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Joey Ferguson is a business reporter for the Deseret News who focuses on public finance. He joined Deseret News after graduating from Brigham Young University-Idaho with a bachelor's degree in journalism in May 2011. He more ..
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How about we all cut up our credit cards and stop worry bout the silly FICO scores. FICO is merely a measure of paying back debt and not ones net worth. Obviously most people can't manage their credit cards and thus accumulate too much debt.