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Americans Still Not Making Smart Financial Decisions

Posted by Shane Tyler on July 26 2010 @ 2:30 pm

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Most Americans don't try to negotiate their credit card interest rate. On Thursday, the results of recent survey showed that although Americans hold more financial knowledge now than before the economic downturn, they still aren't making good choices.

When it comes to negotiating a better deal on their credit card interest rates, it appears that Americans just can't be bothered with it. Almost 85 percent of those surveyed know what their credit card interest rates are. However, most of them (64 percent) know they are too high but don't do anything about it, the Lending Club said. The survey also found that 22 percent of adults aren't aware of what their most-used credit card's interest rate is.

Lending Club chief consumer advisor Jennifer Openshaw said that "Americans need to wake up, take responsibility and take action. The fact that people are paying 20 percent or more in interest is outrageous when alternative loans are available and credit card companies are willing to negotiate."

While 69 percent of consumers now know what their credit score is, there are still 31 percent that do not, according to the Lending Club.

Credit scores are important for consumers when it comes to being able to secure a loan or a credit card.

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