More and more Americans are putting away their credit cards and using their debit cards to make purchases, according to Bloomberg. Analysts at the research company Javelin Strategy and Research told the news source that many consumers are looking to decrease the amount of credit they hold.
In 2009, Visa reported that the total payment volume for debit cards rose by 7.9 person to a total of $882 billion, while at the same time credit card volume declined by 7.3 percent to $764 billion. Similar trends took place at MasterCard and Discover.
"Consumers are turning from one form of plastic to another," James Van Dyke, president and founder of Javelin, told the news source. "Credit cards are falling out of favor as cardholders become more cautious and look for more conservative payment methods."
Money management is important for to many Americans, particularly during these difficult economic times. Recent legislation that helps protect consumers from troublesome credit card company policies has encouraged more people to cast away their credit cards.
According to MSNBC, those striving for debt free.
living should form a budget and stop using credit cards altogether.