Credit card debt poised to fall?

06.29.09
By Lewis Green

With many Americans getting serious about living on a budget and getting a better grip on their debt management, it seems more people will be taking steps to pay off their credit card debt and rebuild their savings.

According to a new results from the Harris Poll, 63 percent of U.S. adults are "spending less overall" with another 33 percent using credit cards less frequently.

Harris reports there are trends emerging with respect to credit card use. The poll found middle-aged Americans are one segment of the population cutting back significantly when it comes to paying for purchases with plastic.

However, another group is also taking steps to curb their penchant for plastic. Harris found that 41 percent of those adults surveyed earning $75,000 or more annually have been using their credit cards less frequently.

The financial crisis has made many Americans rethink their views on credit and borrowing - many are now more cautious about introducing new debt into their financial lives. To that end, two-thirds of adults surveyed said they are less likely to take out a loan.

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