Consumers are getting savvier about credit cards and they are becoming aware about how they could use credit cards to their advantage. People are getting more aware about debt and this has led to decrease in the number of people who are using their credit cards for financing their spending.
It seems that the consumers have become a bit smart and they have realized that with higher interest rates on credit cards they can incur a lot of debt plus the interest free periods are also being scaled down and this has resulted in consumers avoiding credit cards.
This seems to be an encouraging trend and people are now learning to manage their finances in a better manner. Probably the credit card companies need to realize that consumers have become smarter now and they should change their unfriendly business techniques if they would want to survive in the trade.
Via qck
