Paper Money & Its Lower Prevalence By Bobby Jain
According to an article on CNBC, only one in ten Americans carry physical cash. On one hand, this is a pretty startling statistic, since many people view paper money as not only being more convenient but a great way to reduce the risk of credit or debit theft. However, given the fact that credit and debit cards are heavily utilized, perhaps this piece of news isn’t as surprising as others might believe it to be. In fact, there are a number of statistics tied to the story that Bobby Jain can bring to your attention.
CNBC stated that 78 percent of all Americans – surveyed by Princeton Survey Research Associates International – had less than $50 with them at all times. Even more shocking was that 49 percent of this same group carried less than $20 from day to day. Along with the fact that there were some who did not carry cash at all, it’s clear that there are many financial statistics that will open many eyes. In particular, this draws attention to the fact that many people are comfortable with alternative payment methods.
The truth is that I can see why so many people prefer credit and debit options as opposed to cash. Keep in mind that these particular cards call for less space, which means that wallets and pocketbooks alike do not have to be as cumbersome. In addition, keep in mind that these cards may have benefits which cannot be easily attained if cash alone was put to use. However, as strong as these options are, there are a few ideas that new cardholders, in particular, should keep in mind.
One of the concerns that Bobby Jain can bring to your attention is that credit and debit cards alike can be declined without the proper financial care taken. You do not want to see this occur, especially if you are looking to make a tremendous purchase. Financial authorities such as Jain understand that this is one of the reasons why, even with the advancements made in terms of technology, paper money is still carried out. Having various options all but guarantees a greater degree of financial freedom.
For those who do not carry cash with them at all, it is important to start going about this. You may never know when you’ll find yourself in a bind and your credit or debit card simply refuses to work. Yes, these options may be strong but when they won’t go through, for one reason or another, it’s important to have cash as a backup plan. You may soon find just how much better off you will be if you have a number of payment options to take advantage of.
Filed under: Business