Thread: Credit Cards Use Thanksgiving Weekend 27-Year Low

Thursday, December 09, 2010 11:23 PM

Lowest Percent in 27-Year History Use Credit Cards Over Thanksgiving Weekend

Got cash? People are shunning credit cards like never before in history. Card issuers are fighting back with huge incentives to get people charging again. So far its not working.

The New York Times reports On Christmas Shopping Lists, No Credit Slips
http://www.nytimes.com/2010/12/10/busin ... ss&emc=rss

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,â€

That really is wonderful news for Americans. Use case whenever possible, not credit, and you will start building wealth again.

I don't know about anyone else, but my CC's are now locked away and for emergencies only! I refuse to line some banker's pocket with a huge year end bonus, especially when they raised my interest rates even though I had great credit ratings.