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Interesting article, although I do not believe that the figures cited necessarily demonstrate TMFOtter's point. The increase in credit card transactions may result from two sources: an increase in consumer debt or a substitution of one method of payment (credit card) for another (check, cash). The article assumes that the increase in transactions equates to an increase in debt but provides no evidence to suggest that this statement is true. For myself, my credit card transactions have increased to a huge degree over the last year or two because I am paying for items in a different level of debt has shrunk to nearly zero even though the cash flow through the cards has drastically increased.

Now, do I think my experience is illustrative of a broad trend? Frankly, no. But it IS possible....
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