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News Now

CU System
Poll 94 of consumers rely on credit cards
WASHINGTON (1/6/12)--Consumers remain very connected to their credit cards, according to the National Foundation of Credit Counseling (NFCC). When asked to rank their 2012 financial resolutions, only 6% of more than 2,300 respondents indicated that decreasing dependence on credit cards was their No. 1 goal.

"At first glance, that statistic could appear to be a warning sign of future trouble.  However, credit is not the problem," said Gail Cunningham, NFCC spokesperson.  "Instead, it is the misuse of credit that leads people into financial distress."

Balancing the continuing reliance upon credit, 62% of poll respondents selected decreasing debt as their focus for 2012. "If consumers are able to decrease their debt load, continuing to use credit responsibly will help them meet the goal selected by 24% of respondents, that of increasing their credit score," said Cunningham.

About 8% of respondents ranked saving as their most important resolution, an indication that most of consumers are not setting aside funds for an emergency.

Credit unions can educate members with newsletter articles on how to use credit cards wisely, addressing the issue in their financial seminars with consumers and educate youth. For available resources from the Credit Union National Association, use the links.
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