Apparently our national obsession with credit cards is still very much alive. A report today shows that the amount of purchases made using a credit card rose 10.6% in the third quarter of this year (and had risen 9.0% in the preceding quarter).
This comes despite the fact that late payments are still much more common than they were before the financial crisis of 2008.
Which makes us worry about how many people in the U.S. are getting themselves in more debt this year despite (or perhaps because of) the difficult economic times.
According to the CNN article cited above,
At the end of 2008, more consumers were using debit cards than credit cards but now that trend has reversed, said Silvio Tavares, senior vice president at First Data, which processes card transactions for 4.1 million merchant locations.
“Credit is back in favor,” he said. “Consumers have spent the last couple of years de-leveraging and reducing credit card use, but during the past month — and since April [of this year] — they’ve been using their credit cards more and are starting to return to pre-recession buying habits.”
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What do you think? Have you found yourself using credit cards more this year?
Image by Andres Reuda