Stacy Whitman, 35 years old, has decided to reject the use of credit cards. She said she does not want to be indebted anymore the way she had been when she pursued advanced study right after obtaining a bachelor’s degree in New York. Whitman admitted that her needs and wants were often paid through her credit card for years now until she finally made the decision to stop using plastic.

Whitman tells that it’s quite easy for her to live without a credit card now that she sees no reason to get one back. She recognizes that the price of getting a credit card is too high as opposed to the benefits we think we might get from it.

Data from Equifax, an agency known for credit research and study, there had been a steady decline in the number of newly-issued credit cards since 2007. Looking at the bright side, Equifax was quick to point out that this meant decreased consumer debt. The agency linked the consumer’s rejection of credit cards to the higher charges and lesser credits that banks give.

Newly-issued cards no longer have the same amount they contained in 2007, as seen in credit statements in cards released December 2009 according to Equifax. This probably diminished consumer interest in getting a credit card. Equifax said that consumers might have thought that the amount available to the newly-credit cards as compared with those issued in 2007 can be afforded elsewhere so they did not need to get one credit card.

Still, Equifax stressed that the decision whether to get a credit card or not had been hinged on the amount taken out from the credit cards. Equifax said that more than half of the amount granted to consumers in 2007 was slashed in the newly-issued credit cards. The consumers find the reduction significant enough that it made them think that not getting a credit card at all is a good way to go about the change in available credits adds Equifax.

Lowcards chief executive Bill Hardekopf, on the other hand, shares that consumers have now become worried about the increase in borrowing charges or payments. Consumers are the ones primarily affected by this so they think that not having a credit card at all might seem a lot better. The consumers have also probably recognized the difficulty of having credit cards once bills remained unpaid on due dates. Hardekopf then concludes by saying that maintaining a credit card came at high costs for consumers.

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