Private chats without any credit cards
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There are fees, limits and restrictions relating to the use of the payment card products, please click on the "Fees and Limits" links to view all of these.According to the old saying, you shouldn't talk about religion or politics in polite company.Add one more to the list of conversational taboos: Credit card debt.That's the topic people are least likely to want to talk about with someone they just met.The only other topic that makes people hold their tongues that much? Americans are more comfortable talking about politics, their religious views and their ages than they are talking about how much debt they carry on their credit cards, according to a new poll conducted for Credit In February, Americans owed $848 billion in revolving debt (almost all in the form of credit card debt).
In the Credit poll, conducted March 28-30 by Gf K Roper Public Affairs and Corporate Communications, 34 percent of respondents said they carry a balance, and 15 percent reported not having any credit cards.
The telephone poll included a representative sample of 1,005 American adults (see poll methodology), and had a margin of error of plus or minus 3 percentage points.
The poll also found Americans less willing to talk about their debt than they were five years ago, when the recession was just beginning to take shape.
About 85 percent of Americans said they are reluctant to chat about their credit card debt with someone they first met, compared to 80 percent who gave the same answer in an identical poll conducted in 2008.
"Before the recession, consumers were encouraged to carry debt, and spending was seen almost as a patriotic thing to do to stimulate the economy," said Michael Solomon, professor of marketing and director of the Center for Consumer Research at Saint Joseph's University in Philadelphia. Credit card debt isn't as accepted now; it carries more of a stigma." The recession, which began at the end of 2008, saw consumers sharply curtail credit card spending.
The overall amount of credit card debt dropped 8.8 percent in 2009 and 7.6 percent in 2010, before leveling out in subsequent years, according to the Federal Reserve.