Credit Card Use Has Changed In A Dramatic Way

Posted By on December 17, 2010

Debit cards are the new growth area…..”The lowest percentage of shoppers in the 27-year-history of a national survey said they used credit cards over the Thanksgiving weekend, while the use of general credit cards like Visa and MasterCard fell 11 percent in the third quarter from a year earlier, according to the credit bureau TransUnion.

“Britt Beemer, chief executive of America’s Research Group, a survey firm, said ‘The consumer really feels a lot of pressure from previous debts, and they just aren’t going to dig themselves into that kind of hole,’ he said.

“After the Thanksgiving shopping weekend, the group found that just about 17 percent were paying with credit … just over half of last year’s level and the lowest rate in the 27 years it has conducted a survey.”

Credit lines have been reduced and cards have gone away. Debit cards are the current growth area, but such a drop-off in credit card debt is unprecedented, and the NYT-cited survey give no indications that it’s going to change soon.

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