Kevin M
I hate this topic—so why am I writing about it? Because it seems to be a staple topic of the personal finance blogosphere! And almost universally, the conclusion will inevitably come down on the side credit cards as the better deal.
Warning: if you’re looking for that same conclusion here, you’ll be disappointed. Being contrarian by nature, here’s my take on the debate.
I think debit cards are the lesser of the two evils mostly because there’s little chance with a debit card that you’ll end up paying for this months expenses next month, next year or over the next 10 years. That ices it for me, but we can go on.
We can get into the mechanics of which costs more or has better benefits, but those are details that ignore the most important element–the human factor. If we’re all trying to get out and stay out of debt, spending with a credit card is a contradiction in terms.
Worse, for those who have dug themselves out of a debt hole and think that credit cards are now your friend, just remember that like an alcoholic, you aren’t cured, you’re just recovering. Why play around with credit cards when you got into trouble with them in the past?
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Credit Cards vs. Debit Cards – A Different Take
Kevin M
I hate this topic—so why am I writing about it? Because it seems to be a staple topic of the personal finance blogosphere! And almost universally, the conclusion will inevitably come down on the side credit cards as the better deal.
Warning: if you’re looking for that same conclusion here, you’ll be disappointed. Being contrarian by nature, here’s my take on the debate.
I think debit cards are the lesser of the two evils mostly because there’s little chance with a debit card that you’ll end up paying for this months expenses next month, next year or over the next 10 years. That ices it for me, but we can go on.
We can get into the mechanics of which costs more or has better benefits, but those are details that ignore the most important element–the human factor. If we’re all trying to get out and stay out of debt, spending with a credit card is a contradiction in terms.
Worse, for those who have dug themselves out of a debt hole and think that credit cards are now your friend, just remember that like an alcoholic, you aren’t cured, you’re just recovering. Why play around with credit cards when you got into trouble with them in the past?
Read more »