The price of gas is always going up - but lately, it's getting especially high for some debit card users.
That's because more and more folks who use debit to pay at the pump are becoming victims of identity theft, according to Atlanta bankruptcy attorneys. Criminals can now attach a device called a skimmer to gas pumps. When you enter your card and PIN, a tiny camera in the skimmer reads the information - and gives scammers all they need to take money right out of your bank account. When you're already low on cash and struggling to manage your debt, having some thief steal your hard-earned dollars is like rubbing salt in the wound.
Despite its risks, debit can be a more responsible alternative to credit. The key is to be careful when and where you use it.
Debit offers the convenience of credit, with the accountability of cash. Since you're limited to the amount in your bank account when you use debit, you don't have to worry about racking up debt - and interest - that you'll spend the rest of your life paying off. At the same time, you don't have to have cash in your pocket to make a payment. And unlike cash purchases, your debit card purchases will show up on your bank statement, making it easy to keep track of your spending habits.
It's true that these benefits come at risk of identity theft, but fortunately there are ways to mitigate the risk. For instance, try to avoid using debit at gas stations and ATMs, where thieves can attach card-reading devices to card slots. When you enter your PIN at the cash register, use your other hand to shield the code from view. Most importantly, keep a close eye on your bank statements so you can identify any suspicious charges or withdrawals. The sooner you let your bank know about theft, the faster they can stop the theft, contact the authorities and hopefully get money credited back to your account.
Not only will staying aware of your account activity prevent theft, it will help you track your finances by providing you a detailed account of how you spend, making it easy to figure out where to cut back if necessary. Of course, if you find yourself with too much debt to handle by budgeting, bankruptcy might be a solution. Find out if bankruptcy can help you pay down debt and protect assets like your house when you try a free one-on-one debt analysis with an Atlanta bankruptcy attorney.
