Fewer consumers say they intend to pay off credit debt
A recent poll, which was meant to assess consumers’ borrowing and savings trends, found that Americans were less apt to say they would pay off some or all of their credit card debt in 2011.
The study, which was conducted by BAI and Financle, found 51 percent of respondents said they intended to pay off these balances in full. This was down from the 53 percent observed in the companies’ February index.
The survey found that consumers’ attitudes toward banks and credit card lenders had improved. Overall, 64 percent of respondents said they felt their primary financial institution had a positive reputation, while 62 percent said they trusted their banks.
“Our research shows the industry is making important gains among key stakeholders and is evolving in how it views the bank customer relationship,” said Ajay Nagarkatte, managing director, BAI Research. “Banks appear to have gained a clearer understanding of the fast-changing consumer mindset, and the banks are more aligned with customers’ attitudes and preferences.”
Eight percent of respondents said credit card access has improved in the past six months, a figure that is likely due to the recent loosening of borrowing standards by the industry.