Episode from the podcastMoneyWise

DEBIT CARD DANGERS

Released Tuesday, 31st December 2019
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Who doesnt love a debit card? They make buying things easy and you cant go into debt with them since youre limited to whats in your checking account. So, theyre just as safe as credit cards, right? The truth is the law doesnt 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 youre a victim of credit card fraud, you wont be held liable for more than $50 if your card is stolen and the charges go through.

If you dont report debit card fraud within 60 days, youre 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. Youll get hit with fees and youre more likely to be the victim of skimmers wholl steal your number.

If you pay your restaurant bill with a debit card youre 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 dont trust myself using a credit card?

In todays 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 couldnt afford what they were asking to pay each money but I am paying on it every month. However, Im still being threatened with collections. Help!

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

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

Someone told me that medical debt doesnt affect your credit score if you cant 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 whats the difference between them?

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

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!And remember that its your prayerful and financial support that keeps MoneyWise on the air. You can help us continue this outreach by clicking the Donate tab at the top of the page.

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Episode Details

Length
25m
Explicit
No

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