One long-term question being raised in the current economy is whether Americans will become less likely to use their credit cards.

A recent Associated Press report observes that major retailers have seen a noticeable drop in the number of credit transactions they process, in favor of cash and debit purchases.

In one example, credit card transactions at Wal-Mart have reportedly fallen 7.4 percent in the current fiscal year after posting double-digit gains over the last three years. The report also noted that retailers are seeing a trend where customers tend to wait until payday to make purchases.

Along with spending less on their credit cards, consumers are also facing tighter standards and higher costs when they apply for new cards, and are receiving fewer solicitations from credit card companies in general.

"I think this is a new way of life. I like to be able to know we paid for something. I hate monthly payments when you use a credit card," Robert Smith of Illinois told the AP.

Looking ahead, it still remains to be seen if consumers who grew accustomed to carrying large debt and getting easy credit will go back to their former spending habits when the economy improves.

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