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09/09/2010 -
Even with the implementation of new federal regulations aimed at protecting shoppers who swipe at credit card terminals and lowering fees, consumers have continued to cut back on credit card use.In July, consumer borrowing fell for the 17th time in the past 18 month as households continue to adopt more frugal financial habits and are increasingly turning to debit cards. According to the Federal Reserve, borrowing dropped at an annual rate of $3.6 billion in July.
Credit card use fell by 6.3 percent in July - an improvement over June when spending fell by 7.5 percent.
"On the demand side, households continue to show signs of caution as they face high unemployment, minimal wage increases and poor housing conditions," said Gregory Daco, senior U.S. economist at IHS Global Insight. "On the supply side, tight lending remains the norm."
A new study by Javelin Strategy & Research reiterated these findings and reported that a large number of consumers are now opting for "pay now" payment alternatives such as cash, check, debit cards and prepaid and gift cards.
