Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
13 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
14 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
16 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
16 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
16 hours ago