| Respondents: 720 |
| As a micro-business owner, your cash flow plays an essential role in your
ability to address the changing and growing needs of your business. Often times,
entrepreneurs with restrictive cash flow will utilize credit cards to keep their
business moving forward. Credit cards are also widely used by all consumers to
purchase goods and services. However, as we know, the majority of credit cards
carry high interest rates and a host of other fees that can be detrimental to an
individual and a micro-business. Tell us more about how you utilize credit in
your business. |
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1. How many credit card accounts do you currently have open? | 12% | None | | 18% | 1 | | 23% | 2 | | 18% | 3 | | 29% | 5 or more | |
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2. How often do you utilize credit cards to help with your cash flow
needs in your business? | 22% | Very often | | 25% | Somewhat often | | 24% | Very rarely | | 27% | Not at all | | 03% | No opinion | |
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3. How often do you utilize credit cards for personal use (other than
business)? | 23% | Very often | | 31% | Somewhat often | | 33% | Very rarely | | 12% | Not at all | | 01% | No opinion | |
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4. What is the most burdensome aspect of utilizing credit cards to assist
with cash flow and/or finance your business? | 50% | Interest rates | | 07% | Annual fees | | 05% | Late fees | | 05% | Payment schedules | | 04% | Lack of clear terms and conditions | | 05% | Other | | 23% | No opinion | |
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5. Please indicate whether you are in favor of or oppose the following
proposals that have been suggested to reform the credit industry. | | | | | Favor | Oppose | Do Not Know | | 1. | Require
credit card companies to give 45 day notice of any interest rate increase. | 93% | 00% | 07% | | 2. | Give
cardholders the right to cancel their card and pay off their existing balance at
the existing interest rate and repayment schedule if they get hit with an
interest rate hike. | 94% | 01% | 05% | | 3. | Prohibit
card companies from arbitrarily changing the terms of their contract with a
cardholder. | 93% | 01% | 06% | | 4. | Gives
cardholders time to pay their bills by requiring card companies to mail billing
statements 25 calendar days before the due date (14 days is the current
norm). | 83% | 04% | 13% | | 5. | Prohibits
card companies from charging late fees when a cardholder presents proof of
mailing his/her bill within 7 days of the due date. | 92% | 02% | 06% | | 6. | Requires
card companies to offer consumers the option of having a fixed credit limit that
cannot be exceeded. | 85% | 03% | 12% | |