September 8th, 2010

Wednesday Trends in Credit Cards & Debt

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cut credit

Here’s a dose of good news for consumers and bad news for issuers: Credit spending is declining as “cautious consumers” pick debt over credit, going with the mantra to pay now instead of later, reports NewsWeek. Credit card use in 2009 fell to an all-time low of 56%, as compared to 97% back in 2007, and is projected to continue dipping to 45% at the end of 2010.

Consumers are wising up and becoming reluctant to spend money they don’t have, as opposed to the pre-recession highs of excessive credit use and overspending. Consumers are switching to alternative payment methods like debit, cash, prepaid cards, gift cards, and more. Its a serious revenue fall for issuers, but a positive step for consumers fixing to be credit card debt-free.

Today’s roundup is loaded with useful and interesting information and advice on credit cards and debt, fresh-picked from blogs and news around the web.


Credit Card News

Debt News

3 Comments

  1. Credit spending is going down but if it were up to the gov’t it would be going up to bolster company profits and boost the economy. We’ll even out though in time.

    Craig at 1:30 pm on September 8, 2010
  2. I agree because I have or had a credit card. I enjoyed using the ability to buy something credit but with the way the economy is going I don’t like to have that gap between my money and the payment.

    You really never know what tommorrow is going to bring.

    big chris at 9:51 am on November 16, 2010
  3. I agree with that. I have some bad credit of my own.

    big chris at 7:51 am on November 18, 2010

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