Consumers cut borrowing by $12billion - this is one of the big forces affecting sales
 

Personally, I figure the nation has adopted a more wary attitude towards the credit card, and thats a big cause of the drop in membership sales.

Sadly, this could easily be a long term trend. The jobless recovery means the rich are extracting even more money from the american economy, but the working classes, the porn slingers bread and butter, are likely not to see substantial improvements for many years.

http://www.msnbc.msn.com/id/33212991...s_and_economy/

Consumers are spending less and saving more in response to widespread job losses, stagnant wages and dwindling home values. Banks also are reducing credit limits on millions of credit cards.

The crappy economy has been great for kayak shopping the last few weeks... at least at the places that haven't gone out of business.

Increases in valid credit cards being declined(20-50%) are being reported in both B&M and online. At least in a restaruant you generally pay the bill after eating, and have the option of using another card or cash.

And let's face it. The interweb is powered by credit cards until some better way is found. |banghead|

Maybe some of the consumer/business advocacy groups will start pushing the government/banks to free up credit at the consumer level |catfight|

?Are you downsizing from that giant raft to a puny little kayak?

Bank of America, right after getting $25 billion from the government, the day before Xmas, turned off my primary credit card -- which was in good standing and had been with them for many years. And I'm definitely seeing my customers getting a higher % of declines.

I think we are probably seeing a high base forming in terms of credit card declines and usage in the US.

That being said......this is the credit card capitol of the world and I think it will return. People just don't save their money here, and if they do...they end up blowing it on a vacation or something they really didn't need anyway. I have sooooo many friends that make more money than me and drive nicer cars and live in nice homes...they could care less about retirement. I think that's the attitude of most people, and as long as that's the case....credit cards are going to rule again, just be patient.

In a way I guess but the cost so far has been 50 times greater.