Debit transaction fee changes will be paid for by consumers

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.