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 various concerns tied to credit and debit options - and Bobby Jain will agree - is that poor financial care can lead to said options being declined. Have you ever seen someone make a big purchase with their credit card, only for the card in question to be declined? It's a typical problem and it is one that showcases the importance of paper money in this day and age. According to authorities in finances, Jain included, this allows for a greater degree of freedom with finances.
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.
One of the various concerns tied to credit and debit options - and Bobby Jain will agree - is that poor financial care can lead to said options being declined. Have you ever seen someone make a big purchase with their credit card, only for the card in question to be declined? It's a typical problem and it is one that showcases the importance of paper money in this day and age. According to authorities in finances, Jain included, this allows for a greater degree of freedom with finances.
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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