Equifax Finds Many Decide to Go Without Credit Cards
| October 16, 2009 |
According to the most recent Equifax Credit Trends Report, as Americans continue to fight the recession, it seems that more people are deciding to more forward without using a credit card. In fact, their recent study shows that instead of spending with their credit cards consumers are saving more and paying off debt.
When it comes to consumers deciding not to use credit cards as much, many people will look at it as a consumer’s preferred choice. The fact of the matter is that since many banks have restricted credit, credit cards are not as easy for some consumers to access. Equifax data shows that the percent of credit cards issued to those with credit scores below six-hundred and sixty dropped from forty two percent in July 2007 to slightly over twenty two percent in July 2009. Another reason why many have decide to go with credit cars is the fact that nearly every American has had unwanted change to either their credit limit or interest rate, and you have a precise reason of why previous cardholders are started to reconsider their credit cards.
Now with a change in mindset, it now looks as if the American consumers are making a fundament change in the way they want to handle their finances. I still believe that the credit card will have its place in the American wallet it will just be to us to use it wisely.
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