Posts Tagged ‘debit’

T. Harv Eker: Money Skills

Posted by admin on Friday, June 25, 2021

T. Harv Eker Money Quote saying the best way to avoid getting into debt with cards is to use a debit card. T. Harv Eker said:
 
If you don't have the money management skills yet, using a debit card will ensure you don't overspend and rack up debt on a credit card Quote
 

“If you don’t have the money management skills yet, using a debit card will ensure you don’t overspend and rack up debt on a credit card” — T. Harv Eker

 

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In this quote, businessman and author T. Harv Eker is giving advice about money management and spending habits. He suggests that if someone has not yet developed strong skills in budgeting and financial discipline, using a debit card instead of a credit card can help prevent overspending and accumulating burdensome debt.

Eker implies that debit cards offer a safer option for those still learning to track expenses and avoid living beyond their means, since spending is limited to available balances rather than relying on credit lines.

Overall, the quote encourages novices to money matters to start with debit as a training wheels approach, until responsible credit use becomes more intuitive through experience.

Frank Abagnale Jr: No Debit Card

Posted by admin on Tuesday, February 18, 2020

Frank Abagnale Jr Money Quote saying debit cards are riskier than credit cards because someone could access your cash, not the bank’s money. Frank Abagnale Jr said:
 
a debit card is certainly and truly the worst financial tool ever given to the American consumer. Why? It’s simple: Every time you use one, you put your money and your bank account at risk Quote
 

“Never, ever use a debit card….. a debit card is certainly and truly the worst financial tool ever given to the American consumer. Why? It’s simple: Every time you use one, you put your money and your bank account at risk” — Frank Abagnale Jr.

 

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In this quote, Frank Abagnale Jr. seems to be strongly advising against using debit cards due to security risks. By stating that a debit card is “certainly and truly the worst financial tool ever given to the American consumer”, and that each use puts “your money and your bank account at risk”, Abagnale implies debit cards expose users to potential fraud and losses.

The quote conveys Abagnale’s perspective that debit transactions directly access and deduct funds from one’s checking account, unlike credit cards where the user is not liable for fraudulent charges, making debit a riskier option.

Overall, Abagnale appears to be arguing from experience that debit cards provide little recourse if compromised compared to credit, and that consumers’ bank balances are more vulnerable as a result when using debit for payments rather than relying on credit lines alone that do not immediately debit available cash.

Aaron Klein: Slow-Clearing Bank Settlements

Posted by admin on Thursday, October 6, 2016

Aaron Klein Money Quote saying low-income consumers subsidize wealthy and must pay to use their own money. Aaron Klein said:
 
cash, prepaid cards or debit cards, get little to nothing and are in effect subsidizing the wealthy through the payment system. They also deal with a slow clearing and settlement system that causes additional expensive overdraft fees Quote
 

“Lower-income Americans, who disproportionately use cash, prepaid cards or debit cards, get little to nothing and are in effect subsidizing the wealthy through the payment system. They also deal with a slow clearing and settlement system that causes additional expensive overdraft fees” — Aaron Klein

 

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In this quote, Aaron Klein seems to be critiquing how certain payment methods and processes within the current financial system have inequitable effects and disproportionately burden lower-income individuals. Some key points:

  • He notes that lower-income Americans rely more on cash, prepaid cards and debit cards compared to higher-income groups.
  • Klein argues that this demographic “get little to nothing” in terms of rewards or benefits from the payment system, yet effectively subsidize wealthier customers through fees and merchant prices.
  • He also observes that the slower clearing times for checks and daily debit card settlement contribute to more expensive overdraft fees for those with limited funds.

Overall, the quote conveys Klein’s view that traditional payment infrastructure offers few advantages to low-income users while exposing them to greater costs, in effect transferring wealth upwards through an inequitable system that has not kept pace with technological capabilities to benefit all consumers more equally.

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