Putting away the plastic: Credit card use plunges

Filed under: Economy Just call it that non-swiping sound. It seems that Americans are keeping their credit cards in their wallets, as the nation’s worst recession in decades has prompted citizens to re-evaluate their spending habits. Balances on U.S. consumer credit cards fell by $7.4 billion in February, the U.S. Federal Reserve announced Tuesday . This translates to a -9.7 percent annual rate, the largest rate of

decline since 1976. Economists surveyed by Bloomberg News had expected February card card use to contract by $3 billion. Continue reading Putting away the plastic: Credit card use plunges Putting away the plastic: Credit card use plunges originally appeared on Daily Finance on Tue, 07 Apr 2009 17:00:00 EST. Money.Finance|Finance|Finance

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Putting away the plastic: Credit card use plunges