Debit and credit cards are two of the most commonly used payment methods today. Over 175 million Americans have a credit card, according to the Consumer Financial Protection Bureau’s 2021 Consumer Credit Card Market report. And according to a 2022 report from S&P Global Market Intelligence, debit card preference of consumers surpassed that of credit cards in 2022 for the first time.
As our world becomes increasingly cashless, it makes sense to teach our kids how to responsibly use debit, credit — or both. Financial literacy can help children manage these cards in a way that maximizes their benefits and minimizes their risks.
But which is best? Both credit and