Consumers' attitudes toward credit cards

Article Abstract:

Opinion Research Corporation conducted a survey from March 6 through March 8, 1992 on consumer attitudes toward credit cards. AT&T Universal Card Services, Bankcard Holders of America and Consumer Federation of America sponsored the survey with the intention of improving consumer information and services related to credit card usage. Although most consumers regard credit cards as a convenience, only 9% said they would be financially troubled without it. Credit card users with substantial balances were concerned about meeting monthly payments. Seveny nine percent found credit card rates too high and this is the case especially for those with large balances. Sixty seven percent wanted more information about credit card costs and benefits, with young people wanting it more than the elderly. Similarly, 81% want more knowledge on credit rights. Ninety two percent believe high school education about credit was important.

Business services, not elsewhere classified, Management services, Credit cards, Surveys, Beliefs, opinions and attitudes, Consumers, Attitudes, Opinion Research Corp.

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Credit insurance: why reform may serve lenders

Article Abstract:

Consumer groups such as the National Insurance Consumer Organization (NAIC) and the Consumer Federation of America and have long demanded reforms for credit insurance. Their efforts have paid-off with improved credit insurance products in almost 12 states such as increased loss ratios for credit life insurance from 38% to more than 40%. However, loss ratios in most states remain below NAIC's 60% standard and the 70% demand of consumer groups. In addition, it is in the best interests of creditors to respond to the demands for reform. The reputation and services offered by banksand finance companies could suffer due to negative associations with credit insurance, which is considered the 'nation's worst insurance rip-off.' The credit insurance market could also decrease so that approval from insurance regulators and consumer advocates is essential to maintain profitability.

Surety insurance, Services, Political activity, Credit insurance, Consumer Federation of America, National Insurance Consumer Organization

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Consumer credit in Canada: a challenge environment

Article Abstract:

The consumer credit industry in Canada has the task of marketing under difficult demographic conditions. Canada has a population of 27 million compared to the 256 million of the US. Unlike its neighbor, Canada has only sixbanks and six department store chains competing for market share. In addition, where US financial institutions usually offer two international bank cards to their clients, Canadian banks exclusively offer only VISA or MasterCard. Moreover, while consumer credit reporting is controlled by the Fair Credit Reporting Act and individual states in the US, credit information is controlledat the provincial level in Canada. All these factors result into a situation wherein a smaller number of credit grantors compete for market share in a limited Canadian market. The number of consumers available for credit information services is also limited.

Canada, Marketing

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