Debit Cards Overtake Credit Cards

The Wall Street Journal is reporting that Debit is replacing Credit when it comes to consumer payment choices.

"As the credit-card industry reinvents itself amid a dismal economyand a new regulatory regimen, consumers are rebelling. They’re goingdebit.

Some 58.2% of card transactions are now paid for with debit cards,compared to 41.8% with credit cards, according to data from the NilsonReport. Debit cards now represent 38.3% of card dollars spent, comparedto only 26% in 2002. 

Recent research from Javelin indicates that credit cards are nearly twice as likely to fall prey to card fraud." 

Continue Reading at WSJ Blogs

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