6 Credit Cards How you spend your money can be just as important as how much you spend and what you spend it on. Let’s look at some different ways that you can pay for things, starting with the most popular—debit cards. Ways to Pay If you have a checking account, you can get a debit card. When you use a debit card to make a purchase or get cash from an ATM, the money is automatically deducted from your checking account. There are some definite advantages to using a debit card. There are no interest charges, no end of the month bill to pay, and debit cards are rela- tively easy to get. One thing to remember though—if you don’t have enough money in your checking account to cover the cost of a purchase, your card may be declined, or you may find an overdraft fee on your next statement. (That $3 sandwich you charged may end up costing you an extra $35.) Also important to note: a debit card does not help build your credit history. Debit Cards Every consumer should understand how credit cards work—and also how the misuse of credit cards can get you into real financial trouble. While lots of people use credit cards, many students and young adults use a debit card instead of a credit card. This is in part due to a law that was passed in 2009. This law states that people under 21 cannot have their own credit card unless they earn an income, have a co-signer on the card (usually a parent), or are an authorized user on a parent’s card.