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.
- First US cruise in decades set to arrive in...
- Mystery solved? Australian says he's Bitcoin...
- Advocates: High court signals it won't stop...
- Corporate earnings keep falling, but there...
- Provo transit project set to begin, despite...
- Sinclair celebrates a century in business
- What millennials need to do to retire...
- New strategies eliminate long waitlist for...
- Provo transit project set to begin,... 13
- Utah agrees not enforce obscenity law... 13
- What millennials need to do to retire... 10
- Additional concourse boosts airport... 10
- The U.S. hands over $5.28 billion a... 7
- Advocates: High court signals it won't... 5
- Orem real estate manager indicted in... 5
- New strategies eliminate long waitlist... 2