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Money Guy Show

Are Debit Cards More Dangerous Than Credit Cards?!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 2 November 2022

⏱️ 26 minutes

🧾️ Download transcript

Summary

Should you be using credit cards or debit cards? Both have their pros and cons: credit cards can have better fraud protection and rewards, but some argue that credit card users spend more than debit card users. Check out our NEW course, Know Your Number! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxes.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:15.9

So here's an important question.

0:17.6

Are debit cards more dangerous than credit cards?

0:20.4

Right, I'm excited to talk about this because I was surprised, right?

0:25.0

We live in our own little worlds where we kind of get blinded by our own biases and perhaps

0:30.0

we don't recognize that other people out there have different thoughts, different preferences,

0:34.7

different ideas.

0:35.7

When you start asking people this question, you can really see how unique and different

0:39.2

folks are.

0:40.2

So, one of the things that we want to address is we've kind of done some investigating

0:43.4

around this is which one's better, which one should I use, which one's more dangerous,

0:48.0

which one's more helpful, and we're going to hopefully dive into a little bit of that

0:51.4

today.

0:52.4

Let's give them a little context first.

0:53.8

Because we, Ruby had to dig hard on this to figure out what was the actual debit card

1:00.5

used versus credit card use.

1:02.0

And the best stat we could find was actually from Nerdwallet.

1:05.4

We found that 44% actually said that they used their debit card primarily for purchases

1:11.9

for everyday purchases.

...

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