Americans Possibly Getting Rid Of Credit Cards Amid Debt
With credit card debt at such high levels in post-recession America, many people are turning to leaving credit cards altogether.
A study by TransUnion reported a total of 8 million U.S. consumers got rid of general credit cards in 2010.
One consumer who was stuck with $50,000 of credit card debt, recently switched to a cash only plan and does not plan to go back to credit cards, according to DailyFinance. She has paid off half of the monies owed with the help of a debt relief service, but is afraid to continue with credit because of the temptations attached to it, as many consumers with financial issues have.
While there may be positives attached to using only cash, it is not a good avenue to travel, as credit cards are very important to building a higher rating. Good scores are necessary for larger purchases, such as houses and cars. Apartments also may be difficult to find, as many landlords require credit checks, or some other proof of a good credit history.
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