Having a card, whether credit or debit, is a responsibility because maintaining a financial situation that does not cause unrest depends on its management.

Financial institutions grant these mechanisms to their clients according to their client profiles, so the amount of balance they have can vary.

What is the difference and how to use debit and credit cards

In the case of debit cards, they are used to manage the money available in the account to which they are linked, through ATM withdrawals and payments in establishments.

While credit gives you the ability to buy goods or services without having the required amount. The purchase will become a debt that must be paid monthly until the entire amount is covered.

In this case, it is possible to postpone spending for a few months, but some institutions also give you the option to do it with the balance.

Credit card purchases: deferred or current payment?

Credit card balance deferral can help in an unexpected time when money is not available in an emergency, however, you should keep in mind that when you do this interest will accrue that will increase the debt within the selected period.

This is not the correct way to deal with the debt because of the interest that is charged.

Experts recommend that a person should cancel more than the minimum payment required per month in order to reduce interest and debt.