In shadow of debt, debit reigns
News from Sydney Morning Herald:

Our love affair with plastic grows stronger by the month. Photo: Justin McManus

WE ARE abandoning credit cards but embracing plastic as never before. New Reserve Bank figures show the average credit card balance slipped $ 28.50 in July, the biggest mid-year slide since records began 17 years ago.

But our love affair with plastic grows stronger by the month. We reached for debit cards a record 204 million times in July, up 18.9 per cent on the year before. We reached for credit cards 131 million times, up only 1.9 per cent.

These days we less often use credit cards to borrow cash, fronting up to banks for cash advances 2 million times in July, down from a peak of 3 million in 2007. By contrast we swiped cards at retail EFTPOS terminals a near-record 226 million times, up from 181 million a year earlier. We took out cash as we swiped 21 million times, up from 20 million. We took out cash a further 1.6 m…………… continues on Sydney Morning Herald
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First Data: Credit card use rises again in August
News from Bizjournals.com:

Back-to-school spending led to boosted credit card use in August, according to First Data Corp.’s SpendTrend latest report.

Back-to-school spending led to boosted credit card use in August, according to First Data Corp.’s SpendTrend latest report.

The privately held Sandy Springs, Ga.-based electronic payments company reported overall year-over-year dollar volume growth was up 9 percent in August compared with 7.3 percent in July.

Credit dollar volume growth was up 12.4 percent and transaction growth increased 11.7 percent in August — both 13-month highs.

Credit has led all other payment types at the point of sale three of the previous four months, First Data noted.

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