More Debit, Less Credit (Finally!)

By MAD21

The Washington Post wrote an interesting article this week called, "For Gun-Shy Consumers, Debit is Replacing Credit." It's about how more and more people are using their debit cards instead of credit cards.

"The recession has cooled the American ardor for living on credit. After years of saying "Charge it," consumers are more often paying with their debit cards instead.

Worry about jobs, fear of fluctuating interest rates on credit cards and wariness about spending too much are contributing to the change."

Do you think people are finally learning the importance of living within their means? I sure hope so. There will be some industries that will hurt because of this, but honestly, we have too much 'stuff' out there to buy anyway and waaaay to many credit companies who are sucking our money away.

This is the first article I seen written about how "the system" is finally feeling the effects of people who are beginning to spend more wisely because of the state of the economy in the last few years. I hope it's a new trend.

An Indescribable Freedom

It's hard to put into words the journey I've personally been on from being so far in debt there was no end in sight, to being in a position where I am happy to be able to say I am debt-free except for a mortgage (that will be paid off in four years, God-willing). I don't think people who are in any kind of debt, but especially large amounts of debt, fully see and understand what kind of bondage they are in. I know I didn't until I was free from it.

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