The Advantages of Using a Debit Card to Avoid Debt None can deny the utility and benefits of credit cards, but on the flip side, its disadvantages are also not less, like debt and payment outstanding that its usage incur on the holder. It is true that in today’s world, credit card has made many luxuries, and extravagances come within the common man’s reach, however the increasing threats and damages made by credit card debts have urged many financial advisors to talk about its hidden liabilities. Thus it high time for us to switch over to the cheaper and less harmless alternative like debit cards.Debt and its accompanied financial diseases are undoubtedly the major source of all sorts of financial anxieties, insecurities and instabilities for every developed country’s citizens in recent times, which have seen incredible economic turbulences and hardships. As we get more familiar with all kinds of available debt relief plans and debt cure solutions like debt consolidation, debt settlement and management, we are getting more aware of the gravity of the current indebtedness of our government and common men alike. At such occasions, everyone is informed about the latent traps of credit card temptations which eventually gives way to piles and heaps of credit card debts and outstanding, especially in current times when buying or availing for any service without a credit card is getting more and more difficult and unthinkable, as if there’s no other way around than using it, particularly in case when one make purchases over the phone or internet. One simplest way to avoid this practice of dilemma is to completely avoid buying anything online or by phone, as there is no reason why one cannot purchase the same thing minus the shipping and handling costs, at an actual store with cash. That is why debit cards can be considered as one of the best ways to handle one’s shopping, with all the convenience and flexibility of a credit card, but without incurring any high interest debt.A debit card may look exactly like any credit card, which is easy, hassle-free and convenient to use. On presenting it upon making a purchase, the merchant would run it through a scanner and then would print a receipt for the buyer to sign, and that’s it. The only difference between a credit and a debit card is that instead of adding up to your outstanding and eventually your debts, it would deduct money from your checking account. One can also make purchase on phone or on internet with debit card, as this too has the same type of account number and expiration date, but all without incurring any debt. So your debit card let you compare and buy with the best deal with low and convenient price and no debt at all. Moreover, your debit card can act as your ATM card, which can enable you to withdraw money from ATM centers, without having to carry cash. It is always advisable by the eminent financial experts, that one should avoid using credit cards, except in exceptional cases of urgency, or else credit card usage can anytime go out of balance or control, leading to accumulation of credit card debts and heaps of outstanding for the holder.
Published on Dec 3, 2010