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Re-activateFor all the talk over the years about a cashless society, it's looking like a check-less one could happen first. According to a Federal Reserve study released this month, more than two-thirds of noncash payments are now done electronically, primarily by debit and credit cards, and less than a third are made by check. Just four years ago, in 2003, the split was roughly 50-50.
Since 2003, in fact, the use of checks has declined by about 6.4 percent a year, the Fed says.
Debit and credit cards certainly are more convenient as a payment method than writing a check. To make sure that convenience doesn't cost you, follow our readers' advice on selecting a consumer-friendly credit card. Also, when using a debit card, monitor your checking account to make sure you don't overdraw your account and incur penalty fees.
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