First Command's researchers also uncovered some potential reasons for the switch away from plastic. 40% of consumers surveyed confirmed that their credit card issuer had increased interest rates during 2009. Roughly one in five respondents reported that their credit card company decreased their credit limits in advance of the enactment of Credit CARD Act regulations in early 2010. Two out of five respondents told researchers that they believed the American recovery was underway, improving slightly from a similar survey in November.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.