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What’s Spending More? Credit Cards or Debit Cards?

For the first time in twenty years, credit card purchases took over debit cards.  According to the Nilson Report, credit cards accounted for 52.82% of spending in 2012 compared to 47.18% for debit cards.  The Nilson Report also predicts that credit card transactions will be up to 54.72% by 2017.

Read more here: http://www.cutimes.com/2013/11/12/nilson-reports-20-year-first-credit-tops-debit

If you have credit card debt and are struggling to pay it down, consider settling the debt and switching to debit cards. You may not get points, but it is better than suffering under absurdly high interest rates and late fees.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.