CASH ADVANCES RISE AS AMERICANS CUT BACK ON CREDIT

Once crazy for credit, Americans have been cutting back on the use of their cards -- or in some cases, cutting them to shreds.
Tired of paying for purchases made long ago (such as gas or a restaurant meal), people such as "Suzi" from Indianapolis have decided to go cold turkey, and closed their credit-card accounts. "If we want something (now), we pay for it in cash," she says. "If we can't afford it, we do without or wait."
The upside? "We no longer have to dread our bills in January," says Suzi.
Not surprisingly, this corresponds with the increase in payday advances taken out, as many people have found the single short-term fee preferable to ongoing interest charges.
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