Credit card spending down
July 30, 2008 | alternatives, customers, personal finance | Comments (0)As this report details, American across all age groups are only using credit cards for essential items:
Thirty-seven percent of consumers said they have reduced spending on credit cards, while just 10 percent said they are spending more, according to the study released on Wednesday by Javelin Strategy & Research of Pleasanton, California.
Meanwhile, 54 percent of consumers said they plan to spend less on “discretionary” or luxury items, while a mere 5 percent plan to spend more. The percentages of consumers spending less were even higher among consumers aged 35 to 64.
And 57 percent said they are “more careful” about eating at restaurants, where bills are often paid with plastic.
The Payday Pundit is wary of studies like this because one person’s “discretionary item” is another person’s “essential item.”
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