CNBC put forth an article that started with a surprising piece of news: only one in ten Americans carry paper money with them. It does not seem like this should be the case, though, especially with paper money being one of the more convenient ways to pay for anything in the long term. Keep in mind, though, that there are many people who prefer using credit and debit cards instead. If you are curious about some of the other statistics linked to this story, Bobby Jain can draw your attention to them.
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.
Bobby Jain can attest to the fact that, when they aren't paid off, credit cards can be declined. This is especially frustrating when making large purchases during holidays or weekends, which is only made worse if there aren't alternative methods of payment seen. According to financial authorities like Jain, this is one of the many reasons why people carry cash in addition to cards. It allows them to have the utmost amount of financial freedom and keep them from running into problems with their banks in the long term.
Are you the kind of person that does not carry as much cash with them as they should? I feel as though more people should be inclined to carry cash, especially when certain financial situations can be made easier because of this. As strong as credit and debit cards may be, you never want to be without alternative methods of payment if something goes awry. If you have a greater number of options on hand, in the financial sense, you will ultimately be better off.
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.
Bobby Jain can attest to the fact that, when they aren't paid off, credit cards can be declined. This is especially frustrating when making large purchases during holidays or weekends, which is only made worse if there aren't alternative methods of payment seen. According to financial authorities like Jain, this is one of the many reasons why people carry cash in addition to cards. It allows them to have the utmost amount of financial freedom and keep them from running into problems with their banks in the long term.
Are you the kind of person that does not carry as much cash with them as they should? I feel as though more people should be inclined to carry cash, especially when certain financial situations can be made easier because of this. As strong as credit and debit cards may be, you never want to be without alternative methods of payment if something goes awry. If you have a greater number of options on hand, in the financial sense, you will ultimately be better off.
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