Is it the end of credit cards?

[DianaR]

Since the economy has spiraled downward, many credit card companies are closing accounts with zero balances and boosting interest rates.

Will this lead people to use their debit cards in place of credit cards?

Do you think this change of behavior will be permanent?

[Lissy]

I think some people will never give up their credit cards. It is no secret that credit cards can get you in trouble and it is best to avoid them, yet some people have as many as 5, and won't switch to debit.

[Ms_Margaret]

Hi there,

It will have a certain impact but not much, if any one was using 5 credit cards would now use and have only 3 active credit cards. My personal opinion is that i will continue using my credit card. Debit card provides access to your own savings in bank but credit cards are of great help when we need instant credit.

As per the current situation there will be some changes seen in credit card usage but not much, as a CC has its own importance and place.

[Jordan]

Well its our own desicion that what we have to do use credit cards or not. And i am credit card user and never faced such problem which makes me to think of not using it. I think that they are good to us.

[UtopianGold]

Credit cards are fine providing you have the income to pay the interest. Debit cards are the safest for those who are tempted to spend more than they earn.