Lesson 7: In our ongoing Wealth Wisdom video series, we’ll teach you financial fundamentals. In this seventh lesson, Bill Ray, a financial services expert with over 30 years experience, will teach you how to build savings and control your spending:
Here are debit card lessons described in the video:
- A debit card is sometimes called a checking card.
- The debit card is tied to money in an account.
- Disadvantage: If you don’t have money in the account, you can’t use it.
- Advantage: It forces you to think about your spending habits. There’s no room to play with frivolous expenses.
- Disadvantage: If you draw an account below zero, you’ll have to pay a bounced check fee.
- Advantage: Merchants make money immediately when the transaction happens, so they are accepted more widely than credit cards.
Learn More: Debit cards can be a great way to keep yourself from dipping back into debt. If what you’re currently facing is Credit Card Debt, you can read more here.
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