Well ya know some people end up in mass amounts of debt because they charge every little thing.
@Anonymous514 wrote:Well ya know some people end up in mass amounts of debt because they charge every little thing.
But what's the flip side? That same person keeps swiping their debit card until they get a denial. So now their account only has 29 cents, or even worse, they are overdrawn and the OD fees start kicking in.
Those people end up in debt due to a lack of self-control. Whether they are swiping a debit card or a credit card is irrelevant for the purposes of them being in financial trouble.
@OmarR wrote:
@Anonymous514 wrote:Well ya know some people end up in mass amounts of debt because they charge every little thing.
But what's the flip side? That same person keeps swiping their debit card until they get a denial. So now their account only has 29 cents, or even worse, they are overdrawn and the OD fees start kicking in.
Those people end up in debt due to a lack of self-control. Whether they are swiping a debit card or a credit card is irrelevant for the purposes of them being in financial trouble.
Exactly.
I charge every little thing I can to my credit cards because I PIF every month, and I'm actually losing money if I use cash or debit.
@OptimalCS wrote:I guess I'm apart of the 58% that still use a debit card. I have credit cards but cash is still king in my book! It's the best way to stay out of debt!
With the lineup in your sig, why & when do you find it more convenient to use your debit card?
Just curious.
@OptimalCS wrote:I guess I'm apart of the 58% that still use a debit card. I have credit cards but cash is still king in my book! It's the best way to stay out of debt!
Cash is king -- agreed in the context of merchant acceptance
[using cash is the] Best way to stay out of debt -- respectfully disagreed. Best way to stay out of debt is to practice good financial habits, irrespective of the payment method.
Omar to answer your question: I find it convinent to us my debit card ALL the time! I have credit cards but dont us them! I love mainatining a nice clean credit file but I don't like borrowing from banks. I have cards just for the credit score 
I have a great budget and dont need to use credit. I always have cash in my account.
@OptimalCS wrote:Arkane can you explain this statement: "irrespective of the payment method"? How can using a debt card lead to debt?
People have been getting into debt before credit cards were invented.
As I mentioned earlier, people can still swipe & swipe & swipe their debit card all day long. They can even run it as "credit" and have the billings stack up on each other, and when they go from "pending" to "final", it's too late. By than, the account is overdrawn. I have known people that have relied on the gas station to only ping them for that $1, fuel up for $40, and now their account is -$39. Than the "pending" shopping bills from the previous day are all final coming thru. You are now -$600. And now throw in the fact that you cannot pay your rent, electric bill or gas bill.
You don't even need a debit card to go into debt. You can do it on cash alone. Cash out your paycheck and spend it on all your vices; Clothes, entertainment, drugs, etc. You can even go to the casino and bet it all on black. And after that, you can follow it up with a PayDay loan.
As Arkane said....all that WITHOUT a credit card or debit card, i.e. irrespective of the payment method.