Question

Economics (FoolProof)

Which a debit or ATM card, you are spending your own money. With a credit card, you are always borrowing money.

True or False

Answer 1

True

Step-by-step explanation:

When payments are made from debit or ATM card, the amount is directly deducted from the saving account of the user.

However, in case of credit card, the money spent is a loan taken from banks which is to be paid at the end of every month. In case of delay of payment, fine is also imposed.

Hence, the given statement is true