NEW YORK—A new study reveals that many consumers learned about credit cards on their own. The report from CreditCardsExplained.com shows that there's almost a 50% chance a cardholder is “self-taught.”
Forty-five percent of consumers never had a proper education on credit cards, the report says.
Of those who received their credit card education in school, 22% were taught in high school, followed by 18% in college, and 8% in middle school, reported Madison.com in its analysis.
“Approximately 7% of consumers got their education on credit cards while filling out their application at the bank, a bit like learning how to drive just before you pull off the car lot and onto the freeway. Just as driver's education is important to reduce the risk of an accident, credit card education is important to reduce the risk of a financial mishap. In both cases, learning the hard way can have lasting consequences,” Madison.com said.