Dave Ramsey on Debit Cards
The “get out of debt” financial guru Dave Ramsey has lots of good to say about using debit cards instead of credit cards. Here are a few of his comments:
Debit cards are being used at an all-time high today and are used more often than credit cards. Last year debit card use exceeded a trillion dollars. Whew! That’s a lot of people using debit cards!
Debit cards force you to pay with money you already have. If you hold a debit card from a well-known name like Visa or MasterCard, it will have the same policy about unauthorized charges that credit cards have.
Since a debit card is directly linked to your bank account, it’s a convenient way to purchase things without incurring debt. When you use a debit card, the money is immediately withdrawn from your account, which means no interest, late fees, over-the-limit fees, or annual fees - all good things to help you avoid debt.
Using a debit card to make your purchases is just as convenient as a credit card — and you won’t be going into debt!
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