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Cash is on rise as consumers work to control debt
November 23, 2008
The Associated Press:For more Americans who have already maxed out their credit cards or are just trying to manage their spending better in the tough economy, the use of cash is on the rise. Retailers like Walmart Stores Inc., Target Corp. and J.C. Penney Co. are noticing a marked shift away from credit cards in favor of cash and debit cards. A big factor is that less credit is available as major card issuers cut spending limits and raise fees, even for customers who pay their bills on time. The shift ends Americans' long love affair with credit cards and is one of the changes in consumer behavior that has emerged since the financial meltdown that could depress consumer spending this holiday season and affect shoppers' habits long afterward.
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