Many Trying to Move Beyond Credit Cards
| February 9, 2010 |
When it comes to credit cards, Americans have always had a love / hate relationship. While many times in the past it seemed to be more focused on the love side, attitudes toward plastic have changed as issuers have had to make dramatic changes to millions of cardholders’ accounts. This in turn has drawn a mixed audience on the stance of whether or not a credit card is needed.
As it pertains to the younger generation, researchers are finding that many are deciding to not use a credit card if at all possible. Instead they are looking for other ways when it comes to making purchases. For those currently using credit cards the changes that have occurred have prompted some to rethink their finances. Instead of using their cards to make many of their purchases they are now being more selective or simply leaving their card at home.
So will the change of heart be permanent? While many people would probably like to think it will, majority of Americans will need credit somewhere down the line. Even though credit card usage has slowed, it is something that will more than likely pick back up once issuers and consumers alike become comfortable with the changes that are taking place in the industry. For the most part, credit cards have become an essential part of millions of American lives as they are the financial tool of choice when it concerns credit scores as well as many other things.
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