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By Michael McKinstry, CardTrak.com

The Privacy Rights Clearinghouse recommends that consumers never use (or even carry) debit cards because of the risks and their limited consumer protections. In a new report titled "Paper or Plastic: What Have You Got to Lose?" the PRC says that a lost, stolen, or otherwise compromised debit card can result in a bank account being wiped out by a thief, without using your PIN number. Even if reported promptly, the bank can wait up to two weeks to restore the funds to your account and if too much time passes, the stolen funds may not be recoverable. The report then details the advantages and disadvantages of credit cards versus debit cards. The PRC report also covered other payment forms including prepaid cards. For more information visit: http://www.privacyrights.org