Debt through Debit
Summary: Many people become sucked into debt with their Debit cards and don’t realize it. Overdrawing on an account can lead to a long trail of perpetual debt. Numerous college students are unaware of all the extra fees. In order for this to happen one needs to keep good track of all income and expenditures. Consumers are often mislead when they check their account balances online. The tellers online do not say how much is available. Many consumers must take out loans from the banks because they are in such great debt from different fees like overdrawing. When you have a checkbook you balance it. A debit card is just like a check but in a different form. It is necessary to still keep track of your finances. The Bank can charge you for multiple overdrafts that add up to a lot of money because overdrawing occurred. Keeping track of your finances and being cautious can save you a lot of stress and money.
Reaction: The article talked about a boy of 17 year old boy heading off for basic training. He overdrew and put him in 330 dollars of debt. This is a kid signing up for the military and potentially putting his life on the line for the U.S. government. They should be helping out people with problems like this. Some people have gone so far into debt that they can’t even afford to live in their own house. This is because the banks have free rein. When this is a problem for American people, government needs to be involved. Banks need to be much more regulated by the government.