Finally: A Chart That Tells You When to Use Cash, Credit, or Debit

Vector isolated money icons set

Oh, thank God for Business Insider’s Libby Kane and her handy, clear chart settling the great financial question of our time: do I pay with cash, credit, or debit?

We call it payment paralysis — just like there’s too many ways to message in 2016, there’s officially too many ways to pay. Many of us just follow our natural tendencies, carrying cash in pocket and sticking to a budget or exclusively using credit cards. But then we ask ourselves: Am I doing this right? Even if what you’re doing works for you, there’s always that lingering doubt that you’re missing out or doing it wrong when you see people reaching for a different payment method than what you’re used to.

Well, it turns out that no one way is best. Your payment method should be dictated by your personal and financial situation at every point. Here’s the breakdown that Business Insider shared:

bi_graphics_moneytalk_cash,-debit,-or-credit (1)

There’s more information at Kane’s original post as well as another handy flow chart that goes into greater detail on situations where payment paralysis can take hold:

infographic-credit-debit

Thanks, Business Insider for looking out for us!

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