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Minimum payments myth and more decoded: What 50% of U.S. consumers don’t know about managing credit wisely
A Credit One Bank survey found 50% of U.S. consumers mistakenly believe paying only the minimum monthly credit card bill helps their score, highlighting major credit knowledge gaps.
- Credit One Bank's national survey in November found widespread misconceptions about credit scores among U.S. consumers, revealing significant knowledge gaps about how scores are calculated.
- The study found a striking absence of formal credit education in schools as less than 5% learned there, while 33% learned most about credit online and 22% lack confidence in score calculation.
- Respondents most often erred on actions like closing cards, paying only minimums, and rent reporting: 53% do not know closing an old credit card can hurt their score, 50% believe minimum payments help or don't affect their score, and 39% wrongly think rent is automatically included in credit scores.
- Despite rule changes, 52% believe medical debt impacts scores as much or more, while bureaus have reduced the effect of debts under $500 and 15 states ban reporting.
- Analysis by age, gender and generation highlights that 35% of consumers regularly use an app or tool to track their credit score, and 14% of Gen Zers never check, indicating education gaps and risks.
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22 Articles
22 Articles
Helena Independent Record+21 Reposted by 21 other sources
Minimum payments myth and more decoded: What 50% of U.S. consumers don’t know about managing credit wisely
Credit One Bank reports that a survey reveals 50% of U.S. consumers misunderstand credit scores, impacting financial decisions negatively.
·Helena, United States
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Total News Sources22
Leaning Left2Leaning Right2Center14Last UpdatedBias Distribution78% Center
Bias Distribution
- 78% of the sources are Center
78% Center
11%
C 78%
11%
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