Cash and debit are far cheaper than credit. The problem is banks have addicted people to credit using rewards programs and charged the merchant to accept cards (which well and truly pays for them and some).
People are "addicted" to the idea that some fraction of the increases in productivity show up as increased income. That hasn't been true for a long while. Cheap credit has been used to mask this robbery of the working class, but now the ride is over and the bill is in the mail. And since middle-class buying power is no longer supporting the economy, it's slowly collapsing.
Oh well. At least future historians should find it interesting to compare this collapse to the collapse of communistic economies, seeing how they happened just a few decades apart, and were caused by failures to keep up the opposite sides of a complete economic system, supply for communism and demand for capitalism.