Why has Sen. Dick Durbin, D-Ill., declared war on credit cards? Americans are in love with paying with plastic.
Americans are in love with paying with plastic.But paying with plastic has become a sort of American pastime — so popular and convenient that there are now an estimated 500 million to 1 billion credit cards in circulation and close to another 1 billion debit cards. This means there are multiple more credit and debit cards than there are adults in the U.S.
Some smaller stores don't accept credit cards, but those numbers are dwindling. Even corner shoeshiners are accepting plastic these days. Last week, the senators released a "study" claiming that this bill would save the average consumer $1,000 a year. But this was the very same claim Durbin made about his debit card price controls. The consumers didn't save money; the merchants pocketed nearly all the money and it nearly ended "free checking" services by banks.
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