On Black Friday, payments made with credit cards rose 7.4 percent from a year earlier, vs. an increase of 3.4 percent for payments with signature debit cards, according to First Data, a payments processing firm. An analysis by Javelin Strategy Research forecasts that credit card payments for online purchases will increase 63 percent from 2011-16, vs. 2 percent for debit cards.
During the recession, the use of credit cards declined as cost-conscious consumers switched to debit cards and cash for their purchases. Now, though, the pendulum is swinging back, analysts say. While overall consumer debt continued to decline in the third quarter, the number of applications for credit rose for the second consecutive quarter, according to the Federal Reserve Bank of New York. Read Full Story
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