oboloo Glossary

Debit And Credit Explained

oboloo Glossary

Debit And Credit Explained

Debit and credit can seem like confusing terms, but they are actually quite simple. Debit is when money is taken out of your account, while credit is when money is added to your account. The debit card lets you take money out of your account, while the credit card lets you use borrowed money which must be paid back at a later date. Both cards have their own advantages and disadvantages and should be used wisely. It’s important to understand how debits and credits work in regards to your finances so you can make smart decisions about spending and saving that will help you reach financial goals.