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.
For one, CNBC stated that 78 percent of Americans carried less than $50 in paper money. This was found out as a result of a survey done by Princeton Survey Research Associates International, which also discovered that 49 percent of all Americans had less than $20 with them at all times. The fact that there were even some that strayed from cash entirely was an especially eye-opening piece of information for me. In one respect, it shows that people are becoming more reliant on other types of payment.
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.
Should you follow suit and carry less cash with you from day to day? It's a potentially safer method for you but you have to keep in mind that simply refusing to carry a certain amount of money at all times can be detrimental. You never know when your credit or debit card will fail you or even if it will get lost during the course of the day. As handy as credit and debit options alike can be, it's wrong to say that they are the only ones that should be relied on.
For one, CNBC stated that 78 percent of Americans carried less than $50 in paper money. This was found out as a result of a survey done by Princeton Survey Research Associates International, which also discovered that 49 percent of all Americans had less than $20 with them at all times. The fact that there were even some that strayed from cash entirely was an especially eye-opening piece of information for me. In one respect, it shows that people are becoming more reliant on other types of payment.
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.
Should you follow suit and carry less cash with you from day to day? It's a potentially safer method for you but you have to keep in mind that simply refusing to carry a certain amount of money at all times can be detrimental. You never know when your credit or debit card will fail you or even if it will get lost during the course of the day. As handy as credit and debit options alike can be, it's wrong to say that they are the only ones that should be relied on.
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