Busting the top 9 myths of credit card usage WBXH

23.09.11

If today's advertising rules your world, you might think credit cards are the king of all transactions. One series of TV advertisements even implies that people hold up lines and incur the wrath of other shoppers if they slow things down by using cash.

The reality, though, is that credit cards are not the be-all and end-all for today's consumers. In fact, with at least some consumers, credit cards might be losing ground. A survey conducted for the website CreditCards.com found that in 2010, 29 percent of people did not have a credit card, up from 10 percent a year earlier. In the recent economic environment, some people might have set aside their plastic voluntarily. Others may have had their credit card account closed -- either at their choice or the issuer's.

The finding confirms that any presumed overwhelming use of credit cards is a myth. Plastic is not the only way to pay. Other common myths about credit cards include the following.

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