Americans may be learning, albeit slowly, to live without their credit cards.
In a recent survey by Bankrate Inc., 40% of consumers said they would not be upset if their credit lines disappeared. Of the respondents who had credit cards, nearly one-third (32%) said they probably would buy less on credit in 2009 than in 2008. A much smaller group (5%) said they would be devastated with the loss of access to their credit cards.
Source: Bankrate Inc., www.bankrate.com/financialliteracy.