Canadians charging less to credit cards, but other spending is up: study - Part 2

According to J.D. Power, 36% of credit card users would think about alternative financing when making significant purchases, including personal or installment loans and buy now, pay later services.

The most common kind of credit, explored by 21% of consumers considering a major purchase, is a personal loan. Buy now, pay later businesses are next, at 17%.

According to the research, credit card firms must act quickly to retain clients, especially as recessionary predictions become more likely, according to Cabell.

"As we enter a potentially challenging economic cycle, steps done now to tighten up problem resolution, better match rewards and benefits with customer needs, and boost customer engagement will be important for customer retention and growth."

Consumers' opinions on the perks and services, communication, credit card terms, customer interaction, and rewards provided by financial institutions and services were gathered for the J.D. Power survey between May and June.

One section of the poll evaluated respondents' financial security by putting them on a continuum from healthy to vulnerable by taking into account their spending/savings ratio, credit worthiness, and safety net assets like insurance coverage.

With credit cards, more over half of respondents are now considered to be in poor financial health, an increase of nine percentage points from the previous year.
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