Aside from cash, two methods are utilized in order to make payments: credit and debit. While both methods have their strong points, it can be argued that they aren't the best methods to use in the long term. To put it simply, the idea of which one is best is subjective but there are perks and negatives that help to place them on different levels. Here are just a couple of aspects to consider, between credit and debit, and Bob Jain would be able to agree.

When looking at credit, one of the reasons why this is utilized is because of how payments can be made at later dates. if you are someone who simply doesn't have the money with them but has a strong financial standing overall, your credit card can be swiped and a transaction can be completed. Of course, allowing a credit-based bank statement to go on for several months can lead to higher interest rates in the long term. For maximum profitability, make payments as soon as you can.

For those who are looking for methods that are more - for lack of a better term - instantaneous, debit is worth looking into. Whenever you make a payment with a debit card, the money is drawn directly from your checking account, not unlike a payment made with cash. As strong as this option is for the sake of immediacy, one of the important points to note is that hidden fees may be present with certain debit options. As a result, research all of the possible options before you decide on a single one.

One of the main criticisms of both options, according to Bob Jain, is that fraud can occur with either one. Personal information is integral, to say the least and when it falls into the wrong hands, it is very possible that it can be used in order to hinder finances. If you are curious as to what you can do in order to help this particular situation, there is nothing wrong with contacting certain authorities, Jain included. If anything, the ability to do so may keep you on stable ground in the financial sense.

It goes without saying that credit and debit options are useful, though their usefulness is likely to vary for many people. There are many people who enjoy the instant nature of debit cards while others may prefer keeping their finances to themselves, at least for the short-term, with credit cards. Both options have their perks but they also have drawbacks. In order to see which of these will work best for you, weigh both the pros and cons, remaining cautious all the while.- The ways in which credit and debit cards can be used are broad, to say the least, and they are easily some of the most useful items for financial purposes. Of course, the situations in which both can be used will differ as well, which means that preferences will be scatted. Yes, both options contain their individual perks but it would be a lie to say that they didn't have drawbacks, either. Make sure that you assess pros and cons alike so that, ultimately, you can come up with an option that works best for you.