A new study has found that, for the first time in three years, consumers are more satisfied with the companies they use to compile credit card debt than they were the year before.
According to the findings of a J.D. Power and Associates survey, the Credit Card Accountability, Responsibility and Disclosure Act has worked insofar as it has at least made consumers happier with their lenders over the last year. The newfound contentedness stems largely from consumers having a better idea of what’s going on with their accounts, but not everyone is absolutely clear on what the new rules have done for them.
“Despite massive efforts by the credit card industry during the past year to educate customers about credit card terms as a part of the CARD Act, customers’ grasp of those terms continues to be elusive,” said Michael Beird, director of banking services at J.D. Power and Associates.
A CNBC report said that a rise in retail credit card use may signal further increases among consumers in both satisfaction and comfort with their accounts.