NAPLES, Fla. — Credit unions that have been riding a strong strain of card use this year might want to look out for a potential contraction, according to Cardtrak.com, a Web site that tracks card trends.
Cardtrak noted that American consumers put more than $2 trillion on their credit cards and $1.4 trillion on their debit cards in the last year, but said a recent online survey suggested the trend might not continue.
In a poll of more than 3000 consumers reported that 64% said they are planning on reducing overall card usage in 2008 and 19% reported that that they plan to cut their credit cards up this year. Consumers reported taking particular aim at restaurant spending, travel and gas as expenses. Cable television executives should also take note that 24% of the consumers reported reviewing their television habits.
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But on the up side for credit unions, 44% of the consumers surveyed reported intending to move their balances to credit cards with lower interest rates. Often credit unions have some of the lower rates available to many consumers.
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