Financial expert on cash vs. credit or debit cards - WLOX.com - The News for South Mississippi

Financial expert on cash vs. credit or debit cards

Posted: Updated:
Source: MGN Online Source: MGN Online
BIRMINGHAM, AL (WBRC) -

Millions of people have had their credit and debit card information stolen in the security breaches at Target and Neiman Marcus. People are now questioning which form of payment is safer--cash or cards?

"You use your card, think it's safe. It's not," Arthur Perry said. He's been scared away from using his debit card due to the recent security breaches.

"I'll be using cash from now on. If they can do that at Target, they can do it anywhere, Wal-mart. Until they get it straightened out, I'll be using cash," Perry said.

Stewart Welch, a financial advisor with The Welch Group, says this is a time consumers should be thinking about how to better protect themselves. If you always use your debit card, it's becoming risky.

"I do think it's safer to use cash in a situation where you're talking about credit card theft," he said.

"I think this is going to be one of the big financial stories of 2014. I think you're going to see an assault on retail companies. Everyone is using their credit cards at retail companies. So I think they'll be at risk. More people are going to have fraud perpetrated on them," Welch said.

So Welch expects people to start using cash more and debit cards less. Although it's a safer form of payment, there's only one problem with that.

"The one thing if you're carrying around a lot of cash, you may be a victim of personal theft or personal robbery, so you want to be careful about that," Welch said.

But not everyone is left worried. Yolanda Russell says she's sticking with swiping her debit card, but she is also staying mindful of hackers out there now targeting retailers.

"It's scary to think about it happening, but you just have to be careful. Banks are insured, so. I check my online banking daily. I monitor my charges," Russell said.

Welch advises people to either write checks or use your credit card instead of your debit card.

He says if your credit card information is stolen, it may be easier to get that taken care of through the credit card company, as opposed to your checking account being wiped out..

Your bank has to investigate the situation and it could take a couple of weeks before you get your hard earned money back into your account.

Copyright 2013 WBRC. All rights reserved.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Prostitution sting nets 31 arrests

    Prostitution sting nets 31 arrests

    Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
    31 people are in trouble with the law after a three day prostitution sting in Richmond. Police told NBC12 they targeted specific areas where residents and business owners complained about the illegal activity.More >>
  • Two injured Omega Protein plant workers speak out

    Two injured Omega Protein plant workers speak out

    Wednesday, July 30 2014 10:17 PM EDT2014-07-31 02:17:11 GMT
    Two of the men injured in the Omega Protein explosion on Monday are speaking out about the deadly blast. In an exclusive interview with WLOX, the men describe what happened, and how they survived.More >>
    Two of the men injured in the Omega Protein explosion on Monday are speaking out about the deadly blast. In an exclusive interview with WLOX News, the men describe what happened that day, and how they survived.More >>
  • Hundreds of mourners celebrate life of Ja-Naya Thompson

    Hundreds of mourners celebrate life of Ja-Naya Thompson

    Wednesday, July 23 2014 6:54 AM EDT2014-07-23 10:54:08 GMT
    As Ja-Naya Thompson's short life was celebrated, there were a lot of tears and hugs as hundreds of people paid their respects during the visitation and the funeral service.More >>
    As Ja-Naya Thompson's short life was celebrated, there were a lot of tears and hugs as hundreds of people paid their respects during the visitation and the funeral service. People told me they went to Shiloh Missionary Baptist Church for two reasons, to mourn the loss of five year old Ja-Naya and to show support to the parents who must now face life without their beloved child.More >>
Powered by WorldNow

208 DeBuys Road
Biloxi, MS 39531
(228) 896-1313

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and WLOX. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.