The problems with credit and debit cards are bigger than we thought

The Target hack shows our payment systems are in big trouble.

The problems with debit and credit cards are no longer about high-tech skimmers at gas stations and restaurants.  Things have gotten worse, not better. According to a December 19 update on the Target problem by security reporter Brian Krebs, as many as “40 million credit and debit card accounts may have been impacted between Nov. 27 and Dec. 15, 2013.” After first claiming that ATM PINs weren’t involved, Target later conceded they were stolen, too.

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The Great Bank & Credit Card Backlash

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The smell of corruption is offending more than few nostrils

Futurist Thomas Frey:  Recent attempts by Congress and the Federal Reserve Board to curb the excessive fees being charged by credit cards, banks, and finance companies have resulted in a punitive industry response with interest rates and fees climbing in almost every category. This action has resulted in nothing short of a full-scale revolt by a victimized-feeling public.

 

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Credit Card Use Declines Sharply While Debit Card Use Rises

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Credit card use on the decline.

Americans have sharply reduced their use of credit cards, and some analysts believe the trend will continue even after the economy has fully recovered.The Federal Reserve Board reported this week that credit card borrowing fell at a 6.3% annual rate in July. The last time borrowing with credit cards increased was in August 2008.

 

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Use Prepaid Gift Cards at Other Stores and Locations

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Get the moola you deserve from your gift cards!

Step one is easy. Take all your gift cards out of your wallet, and make it your mission to find the remaining balances on each card. You can normally do this by either checking online, or by calling a toll-free number located on the back. By noting the amount left on the card, you’re already aware of what you can and can’t use it with.

Some stores let you use multiple methods of payment, meaning that if it’s a place you regularly shop at, you can use the gift card to simply subsidize your normal purchase. Think of it as a glorified coupon…

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