With ease of use and widespread availability, debit cards are becoming a growing threat to the banking industry. Last year, prepaid debit card usage was up 18% while checking account usage plummeted from 92% to 88%. While users avoid overdraft fees, debit cards are not cheaper than checking accounts.
Incidentally, scores of users walked away from banks and the fees associated with them, lured by big named celebrity endorsers only to wind up paying even more money. John Ulzheimer, President of Consumer Education at SmartCredit.com, warns against being tricked into thinking there aren’t any free alternatives. “Debit card users are lazy,” says Ulzheimer. “Free checking isn’t gone. With just a cursory amount of shopping around, you can find a debit card that’s not only free, but will also give you an unsecured line of credit.”
Gerri Willis of Fox Business Network’s The Willis Report fears, “People are being robbed blind simply because they like the branding and ease of use that comes with the debit card.” Over $82 billion was uploaded onto debit cards last year alone. “Debit cards don’t help your credit score, there are no savings involved, and the users don’t have the opportunity to establish a relationship with a bank,” she says. “You need access to what the banks have to offer to purchase homes, do business, and even education for your children,” said Ulzheimer.
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Today, many neighborhood stores and markets offer free “cash back with purchase” options at checkout, helping alleviate some of the hits most users take to their wallets, but in the long run, a little research can go a long way. For more research on the best options for you, visit our in-depth reviews here on bestprepaiddebitcards.com.
For more information from The Willis Report, visit: http://video.foxbusiness.com/v/997395602001/millions-turning-to-prepaid-debit-cards?intcmp=related
or visit : http://video.foxbusiness.com/v/1559371429001/are-prepaid-debit-cards-mistake?intcmp=related
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