Some paying off credit card debt
Credit card debt is a problem for a number Americans, and some card holders are reacting to the actions of their lenders.
A recent survey from Consumer Reports shows that 32 percent of those polled paid off and then closed their credit card accounts. Of that 32 percent, half said it was because of the actions of their lenders, such as increasing interest rate and fees on credit card debt.
“Twenty-one percent of respondents said they were treated unfairly by card companies, and only 41 percent said they were highly satisfied with their card issuer, making credit cards one of the lowest-rated services that Consumer Reports covers,” the organization noted.
Furthermore, the poll showed that 45 percent of respondents are charging less on their credit cards, while 43 percent said they using their cards at about the same rate as in the past.
A recent report from the Federal Reserve shows that many Americans are trying to get away from using their credit card debt. Revolving consumer credit, which is made up mostly of credit card debt, dropped by 13.1 percent during August.