Survey shows many Americans still believe some credit card myths
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.
- Chinatown Supermarket opens in South Salt Lake
- 9 startup companies perfect for your family
- Lawsuit accuses state of illegally pursuing...
- U.S. economy grows at scorching 4 percent in...
- BYU grad strikes gold teaching via online...
- The wrath of Comic-Con: S.L. convention...
- Dave Ramsey says: Don't touch that 529 plan
- Things are looking up in the economy, but not...
- Dave Ramsey says: Don't leave an estate... 13
- U.S. economy grows at scorching 4... 12
- San Diego Comic-Con tells Salt Lake... 12
- BYU grad strikes gold teaching via... 12
- Sarah Palin launches online... 10
- Dave Ramsey says: Don't touch that 529... 8
- The wrath of Comic-Con: S.L. convention... 8
- Utah Transit Authority eyeing electric... 4