Question – When Is A Credit Card Better Than Cash? Answer When Its Stolen!
For many people, bring up the term, credit card, and theyll roll their eyes. Most of us understand the powerful pull that pulling out the plastic has on us. Its almost addictive, the ability to pull out your credit card and use it to charge anything, anywhere, anytime. Many money counselors will advise you to lock your credit card up and go on a cash basis if youre having a hard time with your debt.
But what many people dont realize is that carrying credit can be a lot better than carrying their cash and heres why: the Fair Credit Billing Act (FCBA). If youre carrying your plastic and lose your wallet, youll never have to pay more than $50 of unauthorized charges to your credit card. Depending on how much cash you carry along in your wallet, this can save you some money in the unfortunate event that your wallet or purse is lost or stolen.
According to the FCBA, if you report that youre credit card is lost or stolen before its used again, youre not responsible for any of the unauthorized charges. Otherwise, the maximum amount that youre legally responsible for is $50....
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