Americans Cutting Back on Credit Cards More Than Others

In a new survey commissioned by international lender ING Direct , it appears that Americans are far more likely than their European counterparts to cut back on their credit card use during this recession in order to save money.

A full 46 percent of Americans surveyed said they are refraining from charging their purchases with plastic, a much higher percentage than any of the other eight included countries had. For example, only 11 percent of Germans and 17 percent of Italians said they were doing the same.

“Whether it’s at home, in the boardroom or in the car showroom, people around the globe are affected by the recession,” said Arkadi Kuhlmann, president of ING Direct, in a press release. ING Direct commissioned the TNS research. “The long-term benefit is that people are cutting costs, saving more money and learning to build a financial buffer for their future.”

Perhaps more Americans are also cutting back because of rising interest rates on their credit debt, or dramatically reduced credit limits, as has happened to many during the past year.

What are Americans not willing to part with? Their cars and their pets, apparently. Thirty percent of U.S. respondents said their car would be the last luxury to go, while 22 percent said their pets would be the last expense they would give up.

The U.S. also leads the surveyed countries in the number of romantic relationships that have suffered “added stress,” been “strained” or even “ruined” by the recession, with 29 percent of Americans admitting to one of these problems. Next in line were the French with 24 percent, the Canadians with 23 percent, and the Germans with 12 percent.