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Consumers who use debit cards instead of credit in an attempt to reduce debt may soon be helping out the restaurants they visit, thanks to a new rule from the Federal Reserve Board that will be enacted later this summer.

Restaurants are expected to benefit from the new, lower swipe fee rules more than most other businesses because of the large amount of debit transactions they process, according to a report from the Associated Press. In a new note from KeyBanc Capital Markets, it was revealed that the average restaurant conducts about 35 percent of its business on customers' debit cards, and the lower fees will mean increased profits which, in some cases, may become significant.

Profits for restaurants will likely increase between 1 and 4.5 percent, with restaurants that have less expensive menu items likely to benefit the most, the report said. Some could even pass the lower prices they pay for processing transactions on to consumers.

The rule will cut debit card transaction fees charged by credit networks to just 12 cents per purchase, down from the current average of 44 cents.

The U.S. economy is slowly recovering from the massive recession that had a severe negative impact, but now some experts believe the amelioration would be greatly aided if consumers took on more credit card debt.

Americans have been reticent to use their credit cards to make everyday purchases since the recession hit, and have instead focused on ways to reduce debt, according to a report from USA Today. But this tight-fisted approach to their finances has only slowed the nation's continued economic recovery.

Statistics from financial data tracking firm IHS Global Insight shows that the ratio of non-mortgage debt to household disposable income is at 20.7 percent, its lowest level in 15 years, the report said. In addition, the nation's collective credit card balances have slipped more than $180 billion since August 2008, when the recession really began to take hold.

Some consumers have also sought various methods of reducing credit card debt, such as debt consolidation, as an alternative to bankruptcy. Others choose to carry credit cards, but pay off their balances in full every month.

Millions of those who may be looking to reduce debt but still keep a credit card account for emergencies may have received offers for a new business account in recent months. However, these cards do not offer the same protections from predatory lending practices as those for consumers.

As such, a group of four U.S. Senators recently urged the Federal Reserve Board to increase the disclosure requirements for these accounts, specifically mandating that the offers reveal that the cards do not come with well-known protections, according to a report from Dow Jones Newswires. The lawmakers, all Democrats, told Federal Reserve Chairman Ben Bernanke that issuers may be offering these accounts to consumers who are unaware of the lack of protection they provide.

A recent study found that as many as 10 million offers for business credit cards are mailed to consumers every month, the report said.

While the current law does not extend consumer protections to business accounts, a bill from a New York lawmaker will soon be introduced that would do just that, making it easier for consumers to get out of debt fast.

One of the nation's most recognized credit card lenders recently announced that if it cannot find a buyer for its $33 billion portfolio, it will begin a rundown of operations for that business.

HSBC chief executive officer Stuart Gulliver recently announced that the lack of a buyer for the company's large credit card business in the U.S. may necessitate the lender slowly winding it down, according to a report from Reuters. Last month, the bank also revealed it wants to slash about $3.5 billion in costs and reduce its retail banking efforts in general, and this is another step in that process.

Meanwhile, Gulliver also noted that the company's U.S. credit card business is still profitable, the report said. This may be because consumers have largely made more conscientious efforts to reduce their debts with on-time payments and less spending.

However, those that are still struggling with credit card debt may want to consider consumer credit counseling as an alternative to bankruptcy. This solution may make them more capable of managing their finances in the future.

While many Americans know that taking steps to cut credit card debt is a good way to successfully avoid bankruptcy, a new study has found that young adults who owe money to lenders generally have higher self-esteem.

Consumers between the ages of 18 and 27 who carry credit card debt and student loans generally feel more empowered because of the perception that they're in control of their own lives, according to a new study from the Ohio State University. This was particularly true of those who belong to the lowest economic class.

"Debt can be a good thing for young people – it can help them achieve goals that they couldn't otherwise, like a college education," said Rachel Dwyer, lead author of the study and assistant professor of sociology at OSU.

However, those between 28 and 34 began to feel burdened by those debts, the report said.

Older consumers who are interested in taking steps to reduce debt may benefit from closely examining their finances to determine the best method for successfully cutting into their outstanding balances.

Federal laws designed to reduce debt for consumers under the age of 21 have worked somewhat, but young adults are still acquiring credit cards by exploiting loopholes in the laws.

Just 49 percent of students between the ages of 18 and 20 had credit cards in their name in 2010, down significantly from 76 percent the year prior, but those that do have them likely acquired them by circumventing federal law, according to a report from Harlingen, Texas, television station KGBT. For example, the new rules mandate that young adults provide proof of sufficient income to pay for their cards, but not that the bank verify the claims before putting them on the path to credit card debt.

In addition, while those who do not provide sufficient income do need to have a co-signer that's over 21, there is no requirement for who the co-signer is, meaning it could be a roommate or friend, rather than parent or guardian, the report said.

Recent studies have found that the average college student these days is graduating with thousands of dollars in debt and several credit cards in their name, and may need to find a way to get out of debt fast.

Even as they work to reduce debt on associated accounts, many consumers are still hoping to pile up rewards points to counter their credit card debt. But these days, that may not be as easy as it was in the past due to the changing financial landscape.

Many financial institutions are now changing, reducing or even eliminating their debit and credit card rewards programs in an effort to cut their operating costs, according to a report from the Tulsa, Oklahoma, television station KJRH. Some are even erasing all the points consumers have accrued on existing accounts if they cancel a card because it has been stolen.

Debit rewards programs are the most likely to face the axe, the report said.

The cost of offering consumers bonus points for all consumer spending on a debit card will likely be too high to bear if a proposed rule from the Federal Reserve Board goes through. That new regulation would cut the amount banks can charge for processing a transaction by about 70 percent, making it more difficult to turn a profit on such an account.

Consumers looking to reduce debt may have turned to using online payment services instead of traditional credit cards, and three of the nation's leading financial institutions are attempting to capitalize on the sea change in the consumer debt industry.

Wells Fargo, JPMorgan Chase and Bank of America recently announced that they would launch an online payment service designed to compete with the industry giant PayPal, according to a report from the Wall Street Journal. If the venture is successful, it could increase revenues for the institutions by billions of dollars.

Currently, PayPal – which is owned by popular auction site eBay – accounts for about one third of its parent's operating profits, and has seen profits increase three times over since 2005, the report said.

The banks will test the service free of charge, and an executive told the newspaper that the change comes because the institutions saw that consumers are now far more interested in online transactions than they were in the past.

In addition, regulation of the online payment industry is far murkier than for traditional credit and debit cards, meaning the banks could see greater revenues from higher interchange fees.

The retail and financial industries have fought hard over a proposed Federal Reserve Board rule – designed to help Americans avoid and reduce debt – that would restrict debit card interchange fees, and it's becoming apparent that consumers would be the ones that end up paying for it.

Both industries have spent a significant amount lobbying on both sides of the debit card swipe fee rule change, and now experts believe consumers will end up footing the bill regardless of which way the regulation is eventually set, according to a report from MarketWatch. If retailers win out, prices likely won't drop immediately, and financial companies will likely increase the amount they charge for banking services.

"Ultimately, you know that somebody is going to pay for all of this and that someone is the consumer," Greg McBride, senior financial analyst at Bankrate.com, told the site. "What's best here may actually depend on the consumer and how they use their cards, as well as how the banks and retailers respond."

Consumers who are embroiled in credit card debt and have been searching for ways to avoid it may want to consider debt resolution, which often provides a strong alternative to bankruptcy.