There has been an ongoing debate over which payment method is better. If this debate has been ongoing in your financial life, there are a few things to consider. When you use a debit card, you are using your own money. Debit cards are connected to a checking account at a financial institution.

On the other hand, if you are using a credit card you are using someone else’s money. It is a loan that must be paid back. If the balance is not paid in full each month interest will be added. You will then pay more for your original purchase. Interest will continue to be added until the balance is paid in full. This could present a financial challenge.

See the article below for the pros and cons of using each payment method.

https://www.investopedia.com/articles/personal-finance/050214/credit-vs-debit-cards-which-better.asp

We can not end this conversation without talking about cash. Studies show that individuals who use cash spend less than those who use a card. Using cash enables individuals to see the value of the money they are spending, while this value is hard to see when you swipe a card. If you are trying to save money, using cash for your purchases could be the way to go.

What payment option is best for you and why?