Personal Finance - Why Consumers Are Shunning Credit Cards

The number of new credits cards opened in 2009 fell to 32 million from almost 70 million in 2007. Consumers also hold less debt ascredit card debt decreased at an annual rate of 2.25 percent in January. While part of the reason is that people like Whitman are scaling back, the credit card industry itself is also causing the decline by offering less credit to customers