PINcept.com: Debit Cards Overtake Credit Cards

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."