Thursday, September 25, 2014

Is Cash Safer Than Credit / Debit Cards

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With all the recent news about hackers breaking into banks and businesses to steal credit and debit card numbers – some people are going back to cash to make future purchases. I even watched one expert promoting this idea recently on CNN. There is no doubt that Americans are getting very concerned about credit and debit card security after Target and now Home Depot admit to losing customers private information to hackers. So does it make sense to cut those credit and debit cards in half and start paying for future purchases with cash? Maybe yes – BUT. The most important thing to remember is this; when money is stolen from you after your credit or debit card number is compromised – federal law protects your money from fraudulent expenditures. In other words – you get your money back. However – if you decide to walk around with a wallet filled with cash and that pocketbook is stolen – then you are out all that money and no one will step in to make you whole. It is popular for TV news programs to talk up the benefits of using cash instead of credit and debit cards these days – but most of the time they do no address the issue of getting your money back – if a card number is stolen. All of this new credit card fraud is making American's very nervous and with good reason. However – before you cut up your debit or credit card and start carrying around hundreds of dollars in cash – please remember you will recover absolutely nothing for anyone – if your cash is stolen.

Source: consumer.gov

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