There are some places where debit cards are a better choice than credit. Those places aren't gas stations.
Thieves are increasingly stealing personal data with skimmer devices that they attach to gas pumps, according to Chicago bankruptcy lawyers. Since debit cards are linked to your bank account, criminals can record your PIN and then deduct money directly from your checking and savings accounts - adding insult to injury if you're one of millions of consumers already struggling to pay the bills and manage debt. And gas stations aren't the only places at risk - some scammers are starting to siphon personal information straight from ATMs.
So is there any safe way to use a debit card these days?
The answer is yes - if you're careful. Debit cards can be an important tool for financial freedom. Unlike credit cards - which allow you to keep charging money until you owe thousands of dollars plus who knows how much interest - debit cards force you to stick to a budget because you're limited to the funds in your bank.
The downside is debit cards don't do a lot to protect your personal info. So you have a couple of options. You can use cash for the same effect as debit, minus the convenience of plastic. Or you can simply skip using debit cards at notoriously unsecure locations - i.e., go inside the bank to get your cash, and avoid paying debit at gas stations.
If you do choose to use debit, your best bet is to check your bank account balances often. That way, you'll spot any suspicious activity right away. In fact, that's good advice for any payment method. Not only will you stay on top of possible identity theft, but you'll stay on top of how much you're spending, making it easier to make necessary corrections. Of course, if your debt ever does get out of control, bankruptcy can be the best way to rein it in. Find out if a bankruptcy plan can be the ticket to a fresh financial start when you try a free one-on-one debt analysis with one of our Chicago bankruptcy attorneys.
