Some 29 percent of 1,004 respondents ages 18 years old or older to a 2010 poll said they did not own a credit card–around a 10 percent jump from the number of respondents who reported having no credit cards in 2009.
For many people, saying goodbye to credit cards helps them stay out of debt and take more control of their finances.
A 2008 study reinforced evidence from earlier studies that consumers tend to spend more money when paying with credit cards than they do when paying with cash.
Credit cards also alter a consumer’s mindset when contemplating a purchase.
A 2012 study published in the Journal of Consumer Research found shoppers who charge an item to their credit card focus on the benefits of the purchase, while those who pay cash focus on the cost.
Story by Daniel Bortz for U.S. News.