Debit cards are very popular with most people.

More and more people use them instead of credit cards, but they have some serious drawbacks.

A debit card can help you control your spending, but it does not give you all the protections of a credit card.

Marlys Harris of Consumer Reports says, "if you have a dispute with a merchant and you notify the credit card company, you do not have to pay until the matter is resolved."

But with a debit card, you have already paid.

Any disputes with a merchant you have to work out on your own.

Debit cards also do not give you the same fraud protection.

According to Harris, "if a thief gets your debit card, he can empty out your account. You'll probably get the money back eventually, but in the meantime, you'll be out the money."

Another caution to be aware of is that a lot of merchants, like gas stations and restaurants, do not require you to punch in a personal identification number or PIN. That means anyone who finds your card can use it with no problem.

Also, a lot of people do not realize those merchants can also put a bigger hold on your checking account, often 150 percent of the actual amount you are spending.

If you buy $20 worth of gas, stations may put a $50 hold on your account and that hold can last for several days.

So while debit cards can help you control debt, they can also cost you in lost protection.

That is why it is good to try to use a debit card only for PIN-based transactions.

Use a credit card for things like hotel and car-rental deposits and anything you want purchase protection on.

Some banks have voluntarily set up liability limits on lost or stolen debit cards, providing you contact them within two days of the transaction taking place. However, those limits do not affect holds.

They do not provide the same protections, and the money is deducted from your account immediately.