For the past several years, credit card use among consumers has plummeted. But according to data from a payment processing company, it's back in vogue.
"Credit is back in favor," Silvio Tavares, senior vice president for First Data, told CNNMoney. "Consumers have spent the last couple of years de-leveraging and reducing credit card use, but during the past month—and since April [of last year]—they've been using their credit cards more and are starting to return to pre-recession buying habits."
According to data collected by the financial news outlet from First Data, credit card purchases increased more than 8 percent in the first three months of last year, 9 percent in the second quarter and nearly 11 percent in the third quarter when compared to 2010.
CNNMoney notes that increased credit card activity continued in the fourth quarter as well, as holiday shoppers made payments with credit 7.4 percent more this Black Friday than they did in 2010.
Buyers who purchase with credit should be aware that there's a chance their financial histories may be marred by errors left by creditors. Consumers are advised to review their credit reports to make sure everything is as it should be.