Consumer Debit Card Use Growing Steadily
Consumers are turning to debit cards over credit cards this holiday season. According to the National Retail 
Federation’s 2009 study on Holiday Consumer Intentions and Actions, consumer debit card use is up and it’s growing steadily. 42.5% of shoppers will pay mostly by debit card or check card this holiday shopping season. That’s up 2.5% from 2008. Other findings saw credit card use drop 10% from this time last year; just over 28% plan to use credit cards compared to 31.5% in 2008. As the banks continue to raise credit card fees and rates, the debit card seems to be the more attractive choice for consumers. However, it could be a case of jumping out of the frying pan into the fire if the consumer ignores the fine print.
How Debit Cards Work
Debit cards look like traditional credit cards with the MasterCard, Visa, or bank logo embossed across the cards, but rather than borrowing from a bank, debit cards are directly linked to the user’s bank account. There are n