Debit And Credit Card Problem

Posted on December 08, 2011 by Admin
Debit And Credit Card Problem

Debit And Credit Card Problem

Recently we discussed the possibility that more consumers may be putting themselves at risk of accruing debt and eventual wage garnishment this holiday season. Recently, along those same lines, it was also reported that many consumers are once again to their pre-recession spending ways with credit card usage increasing faster than debit card use.

When looking at the trend of credit versus debit, since the end of 2008, most consumers were paying down debts, and were more heavily using their debit cards. However, since April of this year that trend has reversed. Now credit card use is increasing at a faster rate than debit card usage.

In fact, during the first quarter of 2011, credit card purchases rose 8.2 percent. In the second quarter those purchases rose 9 percent, and 10.6 percent in the third quarter. During that same time, debit purchases only increased by 9.6 percent in the first quarter, 8.3 percent in the second quarter and 5.9 percent in the third quarter.

For Black Friday purchases, credit card purchases also raised 7.4 percent over the same time last year, while debit purchases only rose 3.4 percent.

When looking at possible explanations for the increase in credit card purchases, one thing to keep in mind is that banks are really trying to attract consumers with credit card incentives and different perks plans, which could include airline miles and cash rebates.

However, before just signing up for one of these cards and swiping away, consumers should take a hard look at whether or not they can actually afford what they are buying. The advice is not to use the card, unless the purchase can be paid off in full each month. If not, the consumer could end up paying high interest rates, which only makes a debt problem worse.

Source: CNN, "Credit card use is on the rise," Blake Ellis, Dec. 5, 2011

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