Americans avoid credit cards to save money

07.30.09
By Timothy Jones

More evidence has emerged suggesting that U.S. consumers really are determined to tackle their credit card debt and cut back on unnecessary purchases.

According to a new global survey from ING Direct, some 46 percent of American respondents said they are reducing the amount of spending they do on plastic in order to save. This is compared with 17 percent of Germans who said the same and 11 percent of Italians.

But what are people saving for? In the U.S., having a financial buffer in case of crisis was identified as the most important savings goal, with 35 percent putting money away in an emergency fund.

Retirement savings were also identified as important to Americans - however, many respondents had concerns about delaying the age at which they would be able to retire.

Forty percent said they would probably have to retire later than planned, and 34 percent of that group said they would likely work 10 or more years past their target age.

The poll, which was carried out in nine countries where ING operates, also found that the recession is straining more marriages in the U.S. than in any other nation surveyed.

A total of 29 percent of American respondents said that the economy has been adding stress or strain to their relationship.

"Whether it's at home, in the boardroom or in the car showroom, people around the globe are affected by the recession," commented Arkadi Kuhlmann, president of ING Direct USA.

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Consumers are determined to tackle credit card debt and save money.