In this holiday season of 2009, more and more people are putting away or even cutting up the credit cards and using cash to purchase holiday presents.
Right now many credit cards issuers are raising rates and lowering credit lines. The average credit card interest rate for Americans right now is 13.71% up from 11.88% in May of 2008, according to information from the Federal Reserve. Also, it has been estimated that as many as 58 million consumers had their credit limits reduced between April 2008 and April 2009.
So this holiday season, more and more people are looking beyond the stores, the merchandising and the commercialization and getting back to the true meaning of the season, spirituality, family, joy, love, peace but no lingering debt from credit cards.
See Limits Holiday Spending.
