To understand the distinction between credit and debit you must first have some basic understanding of what a credit is, and what a debit is. A credit is when a lender or a creditor gives you money on the promise to pay it back on or before a certain date, while a debit is when they take your money from your account before you can even think about repaying them.
So, if you are asking yourself how do I know what is what, the answer is simple. If you are a debtor or a lender, you are not going to want to lend me money because you don't care what happens with the money. That's your money, right?
If you are a borrower, you will want to know the difference between a credit and a debit in the loan terms. The basic difference between the two is the amount of time that the money is actually being used for. When you give me your money, I am not actually giving you any money because it doesn't come from your account.
On the other hand, if you don't give me your money, I will take it out of my account on a date that I am supposed to. I will use the funds for my own use, so I call this a debit.
As you can see, there are some major differences between a credit and debit card company, but when a debt service calls you to ask you for your money before you have the funds, they are simply using the terms of your account to their advantage. They will want to know when you will be paying your accounts. They will want to know if you have any outstanding debt on the credit card. These are all standard practices that they will use to determine whether you can pay your debt before you even get the money.
Debit and credit card companies are completely different entities, so when you are dealing with one it will be important for you to know the difference between a credit and debit card. This will make it easier for you to be able to understand when it is good and when it is bad for you.
You should look for an agency that specializes in credit card counseling that only works with one or two companies at a time. The reason for this is that they will know which credit cards have the best rates and terms.
They will also know which credit cards are the highest risk for you, so they can work with you to find the one card company that will not cause you any harm in terms of interest rates. After they know what cards you are with, they will give you the best deal possible. and you will end up being debt free.