BOSTON, Feb. 7, 2012 /PRNewswire/ -- PerkStreet Financial surveyed expert personal finance writers from across the country last week in its first-ever, monthly "Personal Finance Pulse." Results reflect an aggregate opinion designed to help Americans better navigate the confusing landscape of financial best practices.
Most Experts Prefer to Recommend Debit Over Credit
Most experts surveyed (56%) "feel best about recommending" debit cards to their readers; far fewer (32%) report preferring to recommend credit cards. Recommending spending cash only (8%) and prepaid cards (4%) proved even less popular.
"Above all else, the most important financial tip is to spend less than you earn," said Ryan Guina, Editor at CashMoneyLife.com. "Start by only spending money if you have it. A good way to do that is to only make purchases with cash or with a debit card, which immediately takes money from your checking account."
Credit Card Spending No Longer a Sign of Consumer Confidence
All told, 56% of respondents do not view the resurgence in credit card spending reported by the Federal Reserve in mid-January as a sign of renewed confidence. These respondents either do not view credit card spending as a good indicator of confidence, or see the surge as a sign of desperation.
"In the wake of the Recession, credit card use will no longer be viewed as a universal sign of confidence," said Dan O'Malley, PerkStreet CEO. "This survey reveals that many experts are already beginning to view credit card use differently, particularly given the dire state of both the current unemployment and savings rates."
America's Chief Concerns: Getting Out of Debt and Saving Money
68% of respondents report believing their readers are most interested in getting out of debt or saving money, while just 32% report other topics (IE. Budgeting, boosting income, etc.) are more popular.
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PerkStreet leverages digital banking technology to make branches irrelevant, reduce costs, and create a platform for savings that can deliver Americans the most unlimited cash back of any Visa or MasterCard in the world. Founded in 2008 and backed by Highland Capital Partners and Globespan Capital Partners, PerkStreet is already giving its customers millions of dollars in cash back per year. Banking services are provided by The Bancorp Bank. Member FDIC.
SOURCE PerkStreet Financial