Debit cards overtaking credit cards?
October 30, 2008 | alternatives, industry, personal finance | Comments (0)Wow! According to Businessweek:
For consumers reeling from a series of economic body blows, debit cards are increasingly becoming the plastic of choice. Some use the cards, which pull money directly from a bank or other account, as a budgeting tool to limit spending. Others are embracing them out of necessity as banks clamp down on credit. All told, debit purchases are expected to climb 13% in 2008, to $1.2 trillion, according to The Nilson Report, an industry newsletter—compared with a 3% rise, to $1.9 trillion, for credit-card transactions.
Come to think of it, the Payday Pundit used his debit card more than his credit card.
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