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Should you use cash, debit, or credit?

9/29/2017

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Most of us have multiple ways to pay our bills or buy goods and services.

Credit allows us to use borrowed money with the promise of paying it back within a month's time. Debit pulls electronic money straight from our checking accounts. Cash is paper and coins used to pay for transactions in a direct way.

Which payment option should you use? It all depends on your situation and your psychology.

Below are listed situations and the smartest method of payment:
  1. You have credit card debt: Use cash or debit
  2. You're spending enough that you want it insured: Use credit
  3. You're making a small purchase from an independent business: Use cash or debit
  4. You're making a purchase from an online or major retailer: Use debit or credit
  5. You like the security of knowing you could get your money back if it's lost or stolen: Use credit
  6. You want a record of your purchases: Use debit or credit
  7. You're not great with paying bills on time: Use cash or debit
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    My name is Camden Alchanati and my goal is to teach you how to create a future of financial stability and growth! 

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