Debit is money taken out of your account or money you owe. When you buy something with a debit card, the money gets subtracted directly from your bank account right away. If you have $50 in your account and spend $15 at the bookstore, that $15 is a debit to your account, leaving you with $35.

In accounting, every transaction has two sides: money coming in (called a credit) and money going out (a debit). Think of it like keeping score: debits are points against you, credits are points for you. When a store processes your debit card purchase, they're debiting your account.

This is different from a credit card, where you're borrowing money from a bank to pay back later. A debit card uses money you already have. The bank might also debit your account for monthly fees or if you wrote a check that someone cashed.

In everyday conversation, if someone says “put it on my debit,” they usually mean “pay with my debit card.” The key thing to remember: in banking and everyday use, debit means money leaving your account or something you owe.