As we’ve written about many times, a wave of frugality has hit consumers due to the recession. In this economy, banks are also turning away an increased number of potential customers—unwilling to open checking accounts and grant them credit cards. On the flip side, consumers themselves may be the ones turning away credit cards as polling shows that card users are more dissatisfied with fees and rates than last year.

The WSJ article expresses some concern that without revolving credit, economic recovery will be more difficult for the country. In most cases, it is best to pay off your debt or not having any to begin with. Most important is knowing how to manage that situation and have a financial plan for your future. Sudden changes in the economy have changed economic situations for a majority of Americans, but the path to financial stability is still easily achievable with a set spending and saving plan.