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I'm rather doubtful of the assertion, but who knows maybe its somewhat true. With all the foreclosures and short sales, maybe a lot of people just realized credit was going to be tough and expensive and just gave it up anyways. Then with the card issuers forced to try to make money off of annual fees and fewer perks since they can't make it as easily with late fees and over the limit fees people responded as you would expect.
We have way too many credit cards in this country. Kind of like having 12 Ferrari keys in your pocket. When all you really need is 1 or 2 keys for a car to get around town.
I suprised people didn't start scaling back before this recession. Some people saw this thing coming a mile away.
It's not necessary to totally get rid of cards and not only is it not necessary it's stupid.
If you get a card with no annual fee which there are plenty of and pay your bill in full each month your not paying any fees. Credit is a convenience and a necessity when booking things be it travel, concert tix, buying a groupon, etc.
Use the credit cards instead of letting the cc companies use you. Use the convenience but pay your bill and dont pay fees.
Also a few years back people had like 10 cards in their wallet, one maybe two cards max is all you need.
Also, I agree iwth another poster, a large number of these stats you cite I imagine arent people choosing to get rid of cards but cards dropping people. I had an 8k credit limit on my card reduced to $400, while some people have their accounts closed altogether.
once again the stats dont tell the entire truth. like we all said many credit cards started charging fees so people tend get rid of the ones that they dont use or required a fee. we dumped our citi card and one other because we rarely use them and they were going to charge a fee.
im sure millions of cards were dropped just for that reason. over decades we all end up with so many cards we dont use.
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