The fundamentals of money management for us as consumers exist in two important financial accounts: credit and debit. While credit and debit accounts/cards are necessary to the financial well-being of all consumers, there are misconceptions and unclear distinctions between these.
Credit and debit are two very different things. Watch the video below to get a quick overview of the differences and a short list of some pros and cons. Then use the resources found on this page to get yourself more well-versed on how you can be a smart consumer.
guides
| AccountingCoach’s “Debits and Credits” guide | |
| This self-paced, four-part course offers helpful guidance through vocabulary words, charts, quizzes, puzzles, and more* to make sure you know the basics of debits vs. credits and what each entails.
*PRO and PRO Plus versions ($$$) |
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| FDIC Consumer News | |
| FDIC Consumer News is the FDIC’s newsletter to consumers, providing practical guidance on how to become a smarter, safer user of financial services, including helpful hints, quick tips, and common-sense strategies to protect and stretch your hard-earned dollars. | |
resources
| What’s the Difference Between Credit and Debit Cards? | |
| Many people grapple with whether a debit card or a credit card is right for them, but before making this decision, it’s important to know the fundamental differences between the two. | |
| What to Know About Choosing “Credit” When Paying With a Debit Card | |
| Choosing ‘credit’ when making a purchase on a debit card can affect your benefits, the merchant’s fees and how the transaction gets processed. | |
| Differences Between Debit & Credit in Accounting | |
| Debit and credit are the cornerstones of accounting. If you want to learn accounting, debit and credit would be the first concepts you would learn. | |
| The Cheat Sheet for Debits and Credits | |
| This overview provides insight through a mathematical perspective to hone into the complementary differences of debit and credit. The role of equity, liability, and assets in relation to debit and credit can also be found here. | |
| Your Map to the Maze of Debits & Credits | |
| Debits and credits are two of the most basic principles in accounting, but most people nevertheless find them pretty darn confusing! The Wallet Hub will help clear things up so you can get back to the business of making – and responsibly managing – money. | |
| Rules of Debit and Credit | |
| Learn the rules of debit and credit financial transactions. | |
| Pay Off Debt: Tools and Tips | |
| Use these tools to get your debt-free date and find out how to pay off debt. | |
| How to Improve Credit Fast | |
| If your credit score is lower than you’d like, here are some strategies to quickly improve your credit. | |
| A Way to Spot Scams | |
| How to spot scams by how someone asks you to pay. | |
| Talk to Your Friends and Family to Fight Fraud | |
| One of the best ways to fight fraud is to talk about it. When you know scammers’ tactics, they’re easier to spot and avoid. The FTC has some facts about fraud to help you start the conversation. | |
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