More than two in five American adults (43 percent) say they're using debit cards more and credit cards less because of the recession, according to a new consumer survey from market research firm Mintel Comperemedia. Another fifth of Americans–22 percent–are relying less on both debit and credit cards as they reduce spending. Overall, 83 percent of survey respondents report having changed their spending habits due to the economy. Mintel Comperemedia, which provides direct marketing competitive intelligence, has seen the number of credit card offers sent to Americans plummet as issuers face rising delinquencies and charge-offs. In the first quarter of 2009, credit card issuers cut solicitations in half, reducing mail volume 49 percent from the fourth quarter of 2008. Mintel estimates U.S. card issuers sent fewer than 500 million offers in first-quarter 2009, the lowest quarterly total recorded since 2000. Mintel Comperemedia reports that the number of debit card mail offers nearly doubled from fourth-quarter 2008 to first-quarter 2009, while checking account solicitations grew by 29 percent.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.