6:43 a.m. CST, December 5, 2011
Credit cards are making a comeback.
At the end of 2008, more consumers were using debit cards than credit cards but now that trend has reversed, said Silvio Tavares, senior vice president at First Data.
“Credit is back in favor,” he said. “Consumers have spent the last couple of years de-leveraging and reducing credit card use, but during the past month — and since April [of this year] — they’ve been using their credit cards more and are starting to return to pre-recession buying habits.”
Purchases made with credit cards rose 8.2 percent in the first quarter of 2011, 9 percent in the second quarter and 10.6 percent in the third quarter, according to First Data. That compares with gains in debit card use of 9.6 percent, 8.3 percent and 5.9 percent for the same quarters.
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