[US Navy Vet]

Are people listening to Dave Ramsey and getting out of debt as fast as they can and putting money is savings?

[US Navy Vet]

in

[Sacajaweau]

I’m betting there was a lot of consolidation to avoid all the new damn fees.

[King_Corey]

My Boss thinks I am insane for not having a Credit Card, Thanks to Dave Ramsey we cut them all up years ago.

Remember
We don’t need them, they need us.

[Grunthor]

That’s my plan. I have two credit cards and both are maxed out. Both will be paid off this February and I will keep only one. After that my wife and I will begin seriously saving money. Not too sure if we should trust the banks and credit unions or if stuffing a mattress would be safer at this point.

[US Navy Vet]

Related: http://finance.yahoo.com/news/Kardashians-sisters-want-out-apf-3029708762.html?x=0

posted earlier:
http://www.freerepublic.com/focus/f-bloggers/2634917/posts

[napscoordinator]

People are waking up finally. They see how difficult it is when the country is in debt and don’t want to have their own families suffer.

[Scott from the Left Coast]

Yes...I don’t use the plastic any longer, am paying it down as rapidly as possible, and wouldn’t have any on the books at all except you can no longer move plastic debt into home equity loans due to the crash in home valuations.

I think this decline, real yet not really as swift a downward run as it could be, is indicative of many reducing debt by choice and some being forced to reduce by the lowering of credit lines.

[posterchild]

Credit card use doesn’t cause debt any more than gun ownership causes murder.

[reaganaut1]

I use credit cards as a convenience and do not maintain a balance. People who use them to borrow money probably should not have them.

[cicero2k]

This along with casino gambling.

I think people have become educated in the math.

Entertainment is still a draw. Sports, movies, food, comedy and music live on.

The idea that slowly grinding money away in a gambling hall is fun; has withered.

[El Laton Caliente]

We've only had one credit card for years. The one we did have cancelled us because we never carried a balance. We recently got a Sam's Club card because of the discount at Sam's, but mostly just to use for travel. It is impossible to rent a car without a real credit card...

[Niteranger68]

The problem is not the credit card, it is personal financial discipline. I roll up a credit card balance each month of around $1,500 on average. Have been doing it for 10+ years. Never have let any balances carry over. Receive 1-2% cash back on all my purchases and have a 25-55 day cash flow buffer. It's simply a tool...like a hammer. You can use it to drive a nail, or hit yourself in the head with it. Your call.....

[FReepaholic]

...The decline stems from a combination of consumer choices and bank actions...

Yeah, the banks acted to increase interest rates on card balances and the consumers chose to stop using them.

[stuartcr]

Extremely impractical if one travels a lot. It’s very hard to rent a car without a credit card and you would get very funny looks at a ticket counter if you wanted to purchase an airline ticket with cash.

[commish]

Wife and I are. I am paying off every account we have. Halfway through my list and on the way to ‘basically’ debt free by May or June.

I say basically in that I will still have my Mortgage payment and a car payment, but all loans/credit card accounts will be paid off.

[4yearlurker]

We have not had a credit card for about 15 years now. No problems and life goes on. Yes we still can rent cars and reserve and pay for motel rooms.

[Domandred]

I’m one of them. I paid off my last credit card a few months ago. Haven’t looked back.

[PA Engineer]

I'm confused as to why the American Express card is included in the list. For business a credit card is a necessity. American Express is normally paid off on a month to month basis.

Having a second card such as Visa with a zero balance is also a necessity for business in locations that do not accept AE.

Credit cards are tools and need to be used wisely. The only thing that I believe is criminal now are the foreign transaction fees, especially when charged pre-travel on originations in the US. That one just ticks me off.