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Despite heavy dependence on credit cards, most Americans distrust credit card companies and support tighter government regulation of the card industry, the results of a new consumer survey suggest. Creditcards.com, which commissioned the June survey of 1,001 randomly selected U.S. adults, said 58% of respondents distrust credit card companies and 73% want the government to regulate the card industry more closely. Some 76% feel there always is a catch that makes a credit card less attractive than its offer, and 56% have been disappointed by a credit card that fell short of their expectations. At the same time, 82% of respondents said they somewhat or strongly agree that credit cards provide a valuable service, and they believe having at least one credit card is essential. Some 77% of respondents said they prefer the convenience of credit cards versus cash, and 78% said they agreed with the statement that "nobody really reads the terms and the conditions when signing up for a credit card." Ben Woolsey, director of marketing and research for the Austin, Texas-based card-marketing site, said in a statement that one reason consumers fail to read card terms and conditions is that "the fine print is so difficult to decipher." Polling company GfK Roper Public Affairs & Media conducted the telephone survey.
