Consumers Prefer Debit Cards Over Credit Cards?
To my surprise Visa Inc is reporting that US consumers are using their debit cards more than their credit cards. I find this surprising because it seems for years and years consumers have been using more and more credit cards, and getting more and more in debt. The debit card however is a new facet of spending in the fact that it utilizes money you have, not money you don’t have. However, any time you purchase something online you are advised to use your credit card because of the fraud protection policy. Does this mean the fraud policy is not the same on your debt card as the credit card? It seems not, but why is that? NPR.org goes on to point out that these two cards are very different if the cards are stolen. Why would laws be so different for something very much used in a similar fashion? In reality, credit cards are worse to use for the consumer, so why is there more protection to the consumer? 
Credit cards cause more long term damage such as having to then look to consolidate or settle debts, or even file bankruptcy. Maybe the banks should look at becoming more uniform with what the credit card companies are doing to protect their clients….
Then again, do the banks make any money on debit card purchases… they certainly do with the credit card purchases.