Instant Alert: America is hooked on credit cards — and it's pretty clear why

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   America is hooked on credit cards — and it's pretty clear why by Business Insider on Jan 1, 2017, 1:07 PM Advertisement Americans have racked up $1.01 trillion in revolving debt — primarily credit card debt — according to the Federal Reserve. That's the highest tally since the financial crisis in 2008.  The credit card is now the preferred method of payment among Americans, edging out debit cards and cash, according to the 2016 US Payment Study by payment processing company Total Systems Services, or TSYS. It's the first time credit cards claimed the top spot in the six years TSYS has been conducting the study, which surveys 1,000 consumers who hold at least one debt card and one credit card (you can read more about their methodology on page four of the study). Why have credit cards grown more popular? The study offers some insights as to why:  Forty percent of respondents from the TSYS study picked credit cards as their favorite form of payment, followed by debit cards (35%), and cash (11%). Credit cards have been gaining on debit cards for several years now. TSYS found that credit cards aren't universally loved, currying the most favor from older millennials. Credit card love also skewed toward high-income households. The more money a household earns, the more they prefer credit cards. See the rest of the story at Business Insider   Share the latest business news with your network:    Email sent to: nguyenvu1187.love5@blogger.com   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011