The survey carried out by the Irish League of Credit Unions shows that this figure is up 7% on the previous survey conducted in 2020.
One fifth of these respondents believe they pay less than 5% in interest with over half believing they are paying less than 10%."This survey highlights that consumer awareness around credit card interest and how that interest is applied is still worryingly poor," said Paul Bailey, Head of Communications at the ILCU.
The survey reveals that 36% of credit card holders surveyed incorrectly said they don't pay any interest if they cover the minimum balance due at the end of each month. Almost 70% of those surveyed said they believe credit card companies in Ireland don't do enough to explain how interest rates work.
Just look at their 2nd statement, it's not rocket science. It's easier in paper format...hits you harder.
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