Survey finds credit card holders don't pay attention to changes
NEW YORK (AP) -- A new survey suggests people are glossing over the changes to their credit card accounts, a sign of poor financial literacy that could ultimately damage their credit scores.
According to the survey done for Credit.com, more than 66 percent of people who responded said they didn't know what, if any, changes their credit card companies have made.
The chairman of Credit.com says the statistic points to a larger problem. Adam Levin says a great deal of the subprime mortgage disaster has to do with consumers not understanding what they've agreed to.
As the credit crunch puts the clamp on lending, 15 percent of consumers in the GfK survey report their interest rates have increased, while nearly 11 percent said their minimum payments jumped. Eight percent said their credit limit was reduced. And more than 7 percent in the survey of about 1,000 people said at least one of their accounts had been closed.
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