Using Debit Cards At Right Bank ATMs Could Cut Debt

Many consumers tend to think a major problem such as bankruptcy or missed credit card payment is the cause of major financial mismanagement.

But by avoiding small charges often associated with debit cards, consumers could help cut their debt over time.

Most debit cards have the ability to withdraw cash from any ATM machine. However, by withdrawing funds from the associated bank's machines, consumers could save themselves $2 to $3 dollars each time they need to access cash, Consumer Affairs reports.

This can slowly add up to $20 to $30 dollars a month for those who make frequent transactions, enough to cause those with low balances to overdraft or come up short on a utility payment. Last May, an attempt to cap these fees at 50 cents was defeated in the Senate, though with the recent Congressional shake-ups it may soon become another legislative battleground, the news source says.

While this money may not seem like much, consumers who avoid ATM withdrawal fees can ensure they avoid harmful financial problems and surplus charges that could quickly lead to debt.