Consumer satisfaction with credit card companies rises
Despite the large number Americans struggling with credit card debt, a new report suggests consumer dissatisfaction among credit card users decreased this year.
The report suggests the downturn in consumer angst was caused by the Credit CARD Act of 2009, which implemented minimum payment warnings and reduced overdraft fees.
The survey found consumers have reduced credit card debt since the implementation of the laws, according to the report by Business News. The average credit balance is now over $1,000 lower than in 2009, while the number of consumers with more than $10,000 in credit card debt dropped 7 percent.
Of those who had reported paying off debts, 23 percent of consumers responded that the changes in credit card laws were their prime motivation. The study also found 45 percent of survey participants reported being very or completely satisfied with their credit cards, reports the news source.
Still, the report found some negative trends. Of the respondents who carried a credit balance, 19 percent expected their balances to take more than two years to pay off, while 18 percent claimed they could not survive financially without credit cards.