Credit card companies squeeze the credit instead of increasing

Credit card companies squeeze the credit instead of increasing
Credit.com released the results of the survey conducted for National Consumer Protection Week (March 1-8) according to which a third (33.7%) of consumers have been subject to some changes to their credit accounts. The greatest amount (15%) of the respondents’ interest rates was increased, following with increasing minimum payment due of 11% of the respondents. 

Adam Levin, chairman of Credit.com, stated the situation was not favorable, as the efforts were being put getting credit “flowing again to consumers.” He noted that “Even responsible consumers are discovering that a lowered limit or a closed account can impact their credit score for years. It is critical that business, government, public interest organizations and the media work together to significantly improve and expand credit and financial help and education.”

The survey was held in the form of a telephone poll by GfK Custom Research North America. A total of 1,004 interviews (524 female adults and 480 male adults) were conducted during February 20-22, 2009. The margin of error has been reported to be +/- 3 percentage points for the total sample and higher for subgroups with a 95% level of confidence. 

Credit.com is a leading consumer education and financial services company, one of the Web's premier personal finance sites.