Consumer Credit Use Rising, Despite Lack of Financial Knowledge and Bad Credit

SCOTTSDALE, Arizona, June 4, 2012 (GlobeNewswire via COMTEX) - via PRWEB - Although the use of credit cards is increasing, not more than 40 percent of Americans do not consider themselves financially literate, according to a recent Consumer Finance Research. Financial experts believe that this minimum level of financial understanding contributes to low credit and a misunderstanding of personal finance in general, it can be overwhelming for the average consumer.
"For the Credit Card Act, 100 percent of the cards we looked at included supervisory practices prove to be harmful or unfair," said Nick Bourke, director of the Pew Safe Credit Cards Project Research Group. "The [credit] market really did not work. It was much harder for consumers to have a good map to identify a bad one," continued Bourke.
The majority of credit card agreements in the United States are written on a 12th-grade reading level, three grades above reading comprehension of the average American.
Although the Credit Card Act of 2009 attempted to improve safety and increase transparency for consumers by the reform of credit card regulation, challenges remain and the need for financial education continues.
Post-reform, the use of credit among consumers remains high
Equifax consumer credit data released earlier this month indicated that the rate of newly issued bank cards with almost 37 percent in February 2012 with the same period last year.
However, recent research suggests industry financial literacy among American adults and adolescents remains stunningly low. According to the 2012 Consumer Financial Literacy Survey, when asked to assign themselves a grade level appropriate for their financial acumen, has 42 percent of Americans not to grant himself a passing grade.
The National Endowment for Financial Education also found that less than 20 percent of teachers feel they are knowledgeable enough to give personal finance curriculum to their students.
If the Americans are trapped in a world of financial misinformation, and many educators feel they lack the knowledge itself, the consumer left with few options to turn for financial education. Analysts attribute the lack of consumer financial insight to their confusion about what credit is available, and how to improve their financial standing and qualify for better credit card.
The three credit bureaus maintain files more than 220 million consumers in the United States and 1 in 5 of those files belong to a consumer with bad credit. According to TransUnion, the average debt per cardholder came to $ 4,962 at the end of Q1 2012.
Many Americans feel bombarded with so much financial information but are unable to feel make of it. Minimal understanding of financial knowledge in combination with difficulty to regain credit, presents a strong and clear need for a viable consumer resources.
Credit Resource offers guidance
Shopping for a credit card involves more than just choosing a card from your current provider. It is an individualized process that allows consumers to find a tool to improve their purchasing power, payment of debts, and improve their financial standing.
"Not everyone has the same needs, so the possibility of features and benefits of multiple cards by-side comparison can really help consumers find the card that best suits their individual needs," says Stephanie Cobb, Business Developer for the Credit Card Select . "Our Credit Card Comparison Tool allows consumers to add their favorite cards compare to a bin or basket, so they can easily come back later to compare them side by side and their favorites."
Comparing credit cards is usually already a complicated task, but CreditCardSelect.com makes it easy by matching consumers with map options that are more tailored to their needs, based on certain specifications including card type, brand, credit -range and more. Credit Card directly select partners with many of the leading credit card issuers in the consumer credit industry to hundreds of options, complete with reviews from real customers.


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