Fed finds consumers paying off more debt

Looks like more of us are cutting up our credit cards, or putting them in the freezer for safe keeping.

The Associated Press is reporting that the Fed says consumers cut debt by a record $21.6 billion in July from June, the most since 1943.

Looks as if the bad economy could be making people think a little harder about how they use credit. Perhaps, the free spending ways of the last decade are behind us.

Anyone else finding that they are depending less on credit? Where else are you cutting back?