Is The American Love Affair With Credit Cards Over_

There can be little doubt that Americans are reevaluating their debt situation — and rightfully so. Many Americans loaded up on debt during the most recent economic expansion. However, with the economy now in full retreat, Americans are wondering how they got from there to here. In evaluating the situation, many Americans are blaming credit cards for their plight. Not surprisingly, these Americans are looking to shed debt (smart) and get rid of credit cards forever. From CreditCards.com:Such an extreme reaction is no surprise to Michael Mihalik, author of “Debt is Slavery: And Nine Other Things I Wish My Dad Had Taught Me About Money.” “I think one of the things people are getting out of the experience of this economic downturn is they are feeling like slaves to their debt,” says Mihalik, who details in his book how he climbed out of $10,000 in credit card debt. “Slavery is a very harsh term, but I’m sure people are feeling burdened and oppressed by the debt that they’ve accumulated.”Mihalik isn’t wrong. The problem is that too many people reached for their cards to make purchases — purchases that most could not have afforded without the card. With unemployment rising, stock portfolios cut in half, and house prices under water, these people have found religion. Whether they’ll keep going to church each week, especially when the crisis has passed, remains to be seen, however. Read the CreditCards.com story here.