Debit or Credit?

[Anonymous]

I respond when I feel I can contribute (I know absolutely nothing about SL, SL rehab, etc so my advice would be less than worthless).

I am good with CAs and being tenacious (i can usually find a way to leverage), okay with auto loans, better with mortgages, and real good at buying/selling a home, I understand SOL and lawsuit and contracts.  There are days I am very busy and visit the forum, scan the titles and see if there is something I can add that is worthwhile (and hasn't already been said).  Other days I can respond all day long or wait for answers to questions I posed to then respond because I am online working and just keep a second window open and check it occassionaly

Truthfully, we are here voluntarily (it's not our job) and we are here because of what we have learned in our lives that maybe could help someone else - which considering the price that people pay for the free advice here (and encouragement and support) is very altruistic of everyone.

And when a post is made does matter -- just bump it so it goes to the top again.

[Anonymous]

That is a good idea about tracking what you spend and then using a credit card with rewards and pif each month.

We havent graduated to reward cards but.. when I do.. Your **bleep** theory will be in my head bahahahah..

I am also very big at check writing and doing the manual check register theory, I grew up on this and it is what I know.

I am so glad I found this site I have found this site I have learned a lot this week.

[Anonymous]

Good for you clearingcredit!  I am glad to hear that.  So ... keep going ...  like Energizer pink bunny.

Of cause, Sylvia ...  Lady ...  We all have different knowledge and experiences.   I choose the subject that something I can answer/say to it.   This forum is free education to all of us for both who ask questions and who answers.

[Anonymous]

Some scary info. My hairdresser bought supplies from a new distributor. She used her debit card for the first purchase. She liked the products so she opened an account. After 2 years, she disputed an overcharge of $162. Her negotiations proved fruitless. She sent them a check less the disputed amount and wrote on the check, "Paid in full." And mailed it signature required. Three weeks later, that letter was returned to her unsigned. She mailed another. Then she discovered the company had cashed her 2nd check, AND debited her checking account the $162. She notified her bank about the fraudulent transfer. Her own bank said. "Sorry. Once they have your debit information, they can use it to cover any and all outstanding balances."

[marty56]

I always use my debit card as a credit card since I save fees.  On my budget spread sheet, I put the amount down right away so I know how much is left to spend.  My CU used to allow overdraft protection with the debit card but I didnt want to use it.  They also will deny puchases if there are pending charges and the amount of the puchase exceeds you available balance minus the pending chaarges.  I dont know if this is common or not but I like it since you cant every bounce anything.

[Anonymous]

I had problems in the past where I would buy something at a convenience store with a debit or cc, get back in my car and go to wherever I was going and forget about the receipt(I'm sure a lot of people do this). Well this became a big problem because I would get a lot of overdrafts and once I switched banks, not only does my new bank charge a $32 fee per overdraft transaction but they charge $8 for every day that your account is overdrawn. Buying a fountain drink every day for a week and getting overdrawn on each transaction cost me $200 because it took me a week to get paid again to bring the account to a positive balance.

Well after that I happened I said something needs to change. I took a piece of scrap plywood, cut it, put a nail through the center of it and put it in the center console of my car. Now whenever I buy something, no matter where it is, I put the receipt on the nail. When I get home at night I take all the receipts and put the transactions in the notebook that corresponds to the card(good thing the last 4 digits shows on the receipt lol ). At the end of every week I take all of the notebooks and put it into my master financial spreadsheet(this thing is huge) which shows all of the balances in a nice easy to read format. I also put up the pie charts and everything to see where all my money is going to and to see where I can cut back on spending, how much I can save and know EXACTLY how much I need to pay on each cc. I have not had any overdrafts for almost 6 months and I have actually been able to save money where as before I couldn't save a penny.

[Anonymous]

Based on info from here and other sources, I opened a second checking account just for ATM withdrawals. I used only the ATM at my bank to avoid charges. On a recent vacation, I ran short of cash. Although that bank charged me $3 and my own bank charged me $2, it was OK because I did not have to carry around that much cash at the start of the trip.

    At one gas station, the sign at the pump said cash or debit cards only to receive the discounted price shown on the sign out by the street. The sign at the street did not mention "cash only" I drove away to another station to use my CC.