More Debit, Less Credit (Finally!)
Thursday, October 15, 2009 at 5:37PM MAD21 By MAD21
The Washington Post wrote an interesting article this week called, "For Gun-Shy Consumers, Debit is Replacing Credit." It's about how more and more people are using their debit cards instead of credit cards.
"The recession has cooled the American ardor for living on credit. After years of saying "Charge it," consumers are more often paying with their debit cards instead.
Worry about jobs, fear of fluctuating interest rates on credit cards and wariness about spending too much are contributing to the change."
Do you think people are finally learning the importance of living within their means? I sure hope so. There will be some industries that will hurt because of this, but honestly, we have too much 'stuff' out there to buy anyway and waaaay to many credit companies who are sucking our money away.
This is the first article I seen written about how "the system" is finally feeling the effects of people who are beginning to spend more wisely because of the state of the economy in the last few years. I hope it's a new trend.
Reader Comments (1)
It would be bad for the U.S. Economy for everyone to stop using credit cards and only spending with debit cards, BUT I'm am happy to know that there are many out there wising up to the fact that running up their credit cards is doing the individual consumer no good. I could go on and on, but I'll leave it there. I agree with you, "I hope it's a new trend."