The American family is becoming a cash-only business.

The latest statistics indicates that while there has been a substantial increase in the amount of available consumer credit, people are simply not utilizing the convenience of credit cards to make their purchases. The Federal Reserve reports that credit card spending took a $3 billion dive between August and September, which is the third time those numbers have fallen in the last four months. It is likely an attempt by consumers to get their debt and credit spending under control following the financial crisis of several years ago and the slow recovery which has followed.

Financial experts say that Americans are not spending less, they are just opting to make their purchases using cash and debit cards rather than rely on credit. However, the Federal Reserve says that Americans are still putting themselves neck deep in debt with student and auto loans.

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