{"id":12,"date":"2014-04-29T12:09:48","date_gmt":"2014-04-29T12:09:48","guid":{"rendered":"http:\/\/rochesterbusinessdirectory.org\/blog\/?p=12"},"modified":"2014-04-29T12:10:20","modified_gmt":"2014-04-29T12:10:20","slug":"americans-using-credit-cards-less","status":"publish","type":"post","link":"http:\/\/rochesterbusinessdirectory.org\/blog\/americans-using-credit-cards-less\/","title":{"rendered":"Americans Are Using Credit Cards Less and Less"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-13 size-thumbnail\" src=\"http:\/\/rochesterbusinessdirectory.org\/blog\/wp-content\/uploads\/2014\/04\/gallup-poll-screenshot-150x150.jpg\" alt=\"screenshot of gallup poll website\" width=\"150\" height=\"150\" \/>According to a <a href=\"http:\/\/www.gallup.com\/poll\/168668\/americans-rely-less-credit-cards-previous-years.aspx\" target=\"_blank\">recent Gallup Poll<\/a>, there is a record low number of credit card holders who carry a balance from month to month.\u00a0\u00a0 The percentage of people who do that is 33% which is the lowest number since Gallup began measuring that statistic in 2001.<\/p>\n<p>In line with those numbers, the poll found that 64% of credit card holding Americans usually pay the full amount of their credit card balance.\u00a0\u00a0\u00a0 This prevents the banks from collecting their extraordinarily profitable interest rate fees which reach above 20% for some credit cards.<\/p>\n<p>Hurting the banks even more is the number of Americans who are even using credit cards at all.\u00a0\u00a0 According to this poll 29% of Americans don\u2019t own any credit cards at all.\u00a0\u00a0 That figure is substantially higher than the 22% figure measured back in 2008.<\/p>\n<p>The <a href=\"http:\/\/blogs.wsj.com\/economics\/2014\/04\/07\/americans-owed-less-on-their-credit-cards-in-february\/\" target=\"_blank\">Wall Street Journal reported<\/a> that outstanding revolving credit was paid down by $2.42 billion in February 2014 continuing its trend from the month before.\u00a0\u00a0\u00a0 People are paying off their credit cards and using them less.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Why Is This Happening?<\/strong><\/h2>\n<p>You have to assume that the financial meltdown in 2008 has affected these statistics substantially.\u00a0\u00a0\u00a0 Some people who got burned from overextending themselves financially are now acting more responsibly when dealing with their money.\u00a0 That means they are borrowing less and living more within their means.<\/p>\n<p>Then there are the people whose credit was so badly destroyed from bad home loans that they can no longer qualify for a credit card.\u00a0\u00a0 Banks are certainly pickier about who they will extend credit to than they were in the years leading up to the Great Recession.<\/p>\n<p>The Great Recession had such an emotional impact on the nation as a whole that it seems to have caused a shift in mindset about how Americans view credit.\u00a0\u00a0 The next question we will be asking ourselves is whether or not this change is going to last.<\/p>\n<p>Will consumers revert back to their evil overspending habits any time in the near future?\u00a0 If so, then when.\u00a0\u00a0 Or, is this psychological shift toward frugality in the American culture going to endure?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a recent Gallup Poll, there is a record low number of credit card holders who carry a balance from month to month.\u00a0\u00a0 The percentage of people who do that is 33% which is the lowest number since Gallup began measuring that statistic in 2001. In line with those numbers, the poll found that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Americans Are Using Credit Cards Less and Less - Rochester Business Directory Blog<\/title>\n<meta name=\"description\" content=\"According to a recent Gallup Poll, there is a record low number of credit card holders who carry a balance from month to month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/rochesterbusinessdirectory.org\/blog\/americans-using-credit-cards-less\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Americans Are Using Credit Cards Less and Less - 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