Wednesday, December 2, 2009

Debit Cards: A safe way to pay

Posted by Lindsey Connell

We seem to see this controversy all the time: Debit cards vs. Credit cards. The truth is that they can’t really be compared too closely because they are used very differently and while some people may be responsible with one of the cards, they may be unable to keep themselves out of debt with the other one. We will take a close look today at debit cards, because while they have their negative side, they are also a very beneficial and convenient thing to have. One major benefit to having a debit card is that you are spending the money you have at the moment. By only spending money that you have in your possession, you don’t have to worry about making payments to the credit card company or deal with the stress of debt. These cards are also similar to credit cards in the fact that they provide security and rewards. Certain banks match a percentage of the money you spend with a debit card and deposit it directly into your bank account. Another benefit is that if you spend more money than you have in your bank account, you simply have to pay a fee but are not considered in debt.

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