2008 Year in Review

Is Your Debit Card Friend or Foe?

Is your debit card friend or foe? When a debit card is used for convenience, used within the constraints of your budget, and remembered and recorded in your check register, it is your friend. When a debit card is overused without consideration for a budget or the purchases are forgotten or not recorded, then it is your foe.

Many people do not carry much cash on them, since debit cards are so widely accepted. The spending of cash can be difficult to track and sometimes it seems to “burn a whole” in people’s pockets. Debit cards are convenient tools that can be effectively used, but debit cards need to used with regards to our budgets. In my experience, many people overspend with a debit card by using it more frequently than they would if they had to write a check or if they had the limitations of cash (when it’s gone, it’s gone). by  Editor, theCity1.com
August 27, 2008