Only Use Credit or Only Use Debit?
There are plenty of arguments for either an all Credit Card scheme or all Debit Card scheme. When you use all debit, you miss out on all the cash back points that you could obtain by using a combined set of cash back credit cards. Should one really just cut up all credit cards and forgo all the cash?
The answer is it depends on they type of spender you are. It turns out, the less you need the credit (i.e. no debt), the better the credit cards are for you pocket book. This is because if you are a responsible user, there's no reason NOT to use credit cards for their cash back. There is virtually no risk of actually getting into debt if you only spend what you have and pay off your credit card every month.
On the other hand, if you have historically owed money on a credit card before, chances are, you might lean on the easy money on the credit card in the future. If that is the case, you are probably better off cutting up all your credit cards just to block out the temptations.
On top of this, one may also argue that a credit card may cause you to spend more than usual because you do not see the cash leave your hands. Again, this depends on the type of spender you are. If going into a store doesn't really make you buy stuff and you are not easily tempted to buy more, then this argument doesn't really work for this type of person.
I explain a lot more in the content of the video. Please watch the video for further explanation for pros and cons and who should actually use either a Credit Card or a Debit Card. .
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