Who doesn’t love a debit card? They make buying things easy and you can’t go into debt with them since you’re limited to what’s in your checking account. So, they’re just as safe as credit cards, right? The truth is the law doesn’t treat debit and credit cards equally and the difference could cost you money.

Today on MoneyWise, our host, financial planner and teacher Rob West explains more about about the debit card.

If you’re a victim of credit card fraud, you won’t be held liable for more than $50 if your card is stolen and the charges go through.

If you don’t report debit card fraud within 60 days, you’re liable for the full amount you had in your account. Also, your bank may not waive any overdraft charges resulting from the debit card fraud.

You should never use a debit card at an independent ATM not connected with your bank. You’ll get hit with fees and you’re more likely to be the victim of skimmers who’ll steal your number.

If you pay your restaurant bill with a debit card you’re putting trust in the waitstaff who take your card for several minutes. Nothing prevents that person from copying your number to use later or to sell other crooks.

So credit cards are safer than debit cards. But what if I don’t trust myself using a credit card?

In today’s show we also answer your questions:

I have a hospital bill of $4,000 and had two forms of insurance to pay at the time. I couldn’t afford what they were asking to pay each money but I am paying on it every month. However, I’m still being threatened with collections. Help!

What advice do you have to pay off mortgages more quickly?

I’ve made a bad investment decision and feel like I’ve failed. I need encouragement!

Someone told me that medical debt doesn’t affect your credit score if you can’t pay it. Is this true?

Is it a good idea to get a personal loan to pay off credit card debt? Visit christiancreditcounselors.org for addition information.

I have some money to invest. Which is better, a money market or a capital market account and what’s the difference between them?

To ask your questions, call (800) 525-7000 or email them at [email protected]. Also, visit our website, moneywise.org, where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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