The Federal Reserve reported this week that credit-card debt fell significantly in February. In their monthly release the Fed reported that revolving credit, a commonly-used gauge of credit card debt, fell by 9.7%.

This dramatic decrease suggests that either two scenarios occurred in February. While it’s common during a recession that cash-strapped consumers rely on credit cards to get by, the Fed’s report suggests that consumers may have begun to hunker down with their finances. Instead of depending on plastic, Americans are saving more and spending less.

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Some holders of American Express credit cards might find a reason to lighten their wallet:

American Express Co, battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.

“We sent the offer out to a select number of card members,” said Molly Faust, a company spokeswoman. “We are looking at different ways that we can manage credit risk based on the costumers overall credit profile.”

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