It is a good mechanism of self control if you constantly find yourself in debt as it allows you to spend only based on what you have.

In part one of this series we explained some basics about debit and credit cards: how they work and some fundamental differences

Let’s move further and analyze the benefits and drawbacks of debit and credit cards.

Benefits of debit cards

• There is no question of liability in case of debit cards as the money charged to the card is deducted directly from your savings bank account. It is a good mechanism of self control if you constantly find yourself in debt as it allows you to spend only based on what you have.
• Debit cards can be easily applied for if you have a savings or current bank account, no credit checks are required to get this card.

Drawbacks of debit cards

• Everytime ...