Greeks toss 1 million credit cards

A large number of consumers have been cutting up their credit cards as the recession prompts a change in spending habits, according to recent data from the European Central Bank. The number of credit cards in Greece fell to just over 6 million at the end of 2009, versus 7.04 million at the end of 2008. The downturn has spurred demand for debit cards, which rose by about 1 million in 2009 to 9.1 million, data showed. Growth rates for prepaid cards is also strong, at around 50 percent.

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