New reports show that more than one-third of Americans are spending less on their credit cards but at the same time figures suggest that only 10% are splashing on plastic credit despite the credit crunch.

The online study by Javelin revealed that 54% of respondents plan to cut back on ‘discretionary’ and luxury purchases (a figure higher among the 35–64 age group).
Out of the 1,500 cardholders surveyed, only 5% said that they would still spend more.

At the same time the research by Javelin established that 57% of consumers were being ‘more careful’ when it comes to eating out in restaurants where payments are often made using credit cards.

Additionally, the study revealed that nine of the thirteen card issuers surveyed by Javelin reported having reined-in their attempts to solicit new customers, although eight have reduced their lines of customer credit.
The report comes at a time when credit card lenders such as Citigroup, Bank of America and American Express posted lower Q2 fiscal results. This has been occasioned by fallout from credit issues affecting the property market.

Statistics released by the US Federal Reserve point at figures which show that recurring credit card debt levels among the American public averaged out at $3,150 (€2,017; £1,590) per person, a total of some $961.8 billion.