In September 2009, more people used debit cards than credit cards, which are popular with young people; but hidden monthly fees make some debit cards a bad deal.
Ten years ago, few people used debit cards. Now, 80 million Americans use them, including many young people who have no bank accounts or poor credit.
What many people don’t realize is the cards tack on hefty fees that can reach nearly $40 a month. There are activation fees, monthly fees, fees for cash withdrawals and even fees that are applied when cardholders check their balances.
For an in-depth look at the cards and their hidden fees, see the New York Times article by Andrew Martin.
