Creditnet News Story
Personal financial knowledge on the rise
Tuesday, June 29, 2010
By Danielle Robson
Perhaps one positive that has come from these harsh economic times is that Americans now know considerably more about their personal finances than they would have otherwise.
Despite the fact that the average consumer knows more about how their finances work, most still aren't making the right financial moves. According to a new study from Harris Interactive, 69 percent of adults know their credit scores, and even more - 83 percent - know their credit card interest rates. But 64 percent of those who know their rates still pay too much - over 14 percent - and 65 percent don't bother negotiating for lower ones.
The study found that 44 percent still carry credit card debt despite their new knowledge, and 31 percent have an interest rate above 20 percent. Only 29 percent of respondents said they have tried to negotiate for a new rate.
A report from consumer advice website WalletPop said that the study also found women are less aware of their financial particulars than men, and stressed that it's important for every adult to know the basics of their credit situation.
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