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Consumers Not Depending On Credit Cards

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Consumers could be more dependent on money than their credit cards. Smarter shopping practices by consumers are turning out to be the driving force for people who have not used credit cards as much as they had last year.

During the holidays, credit card sales did not completely sink, as online sales rose 13 percent. Despite this, many people used cash, and the consensus is because of the enormous debt that American credit card users face - one that has reached $13 billion.

The Credit Card Accountability, Responsibility and Disclosure Act, which went into effect in 2009, made it more difficult for some to receive credit cards.

"I think people are learning the possible pitfalls of using too much credit, but I also think credit card issuers are getting smarter about issuing credit cards," said Brian Jacobsen, a Wells Fargo Advantage Funds analyst told Jacobsen added that people usually blame the struggling market in these situations, but both parties are to blame.

Home values have also struggled, which could be another reason that people have slowed their credit card spending, according to the news source. When housing values are better, people are more prone to tackle debt relief because of the lack of other, more costly fees.

Timely articles written by the Editors at DRC

New government regulations in place for consumers in need of debt relief for credit cards and other unsecured debts.