Whatever you do, don t forgive the debt, or grant a payment extension you can be sure Visa and MasterCard won t. A great credit card alternative is a debit or check card. Issued by banks and credit unions, debit cards operate similar to credit cards except that the money is directly withdrawn from the cardholder s checking account. For example, a debit card that carries a Visa or MasterCard logo is accepted at any merchant or restaurant that accepts Visa or MasterCard. But because the money comes out of your account, there are no interest charges.
Debit cards are safer to carry than cash and more convenient than checks.
CPAs say that the credit management lessons you teach your children before they go off to school are just as important as the education they ll receive while they re there. By properly educating them about the importance of financial responsibility, you help protect them not only while they re in college, but for years to come. This column is provided by the Kentucky Society of CPAs.