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.
According to the CNBC article, Princeton Survey Research Associates International concluded that 78 percent of Americans had $50 with them from day to day. To further emphasize this point, the same group determined that 49 percent of Americans had less than $20 with them at all times. What struck me, though, was that there was a degree of 9 percent of people that did not have cash with them at all. What this means, to me, is that many individuals believe that their focus should be set on other payment methods.
It's not hard to see why, though, as credit and debit cards alike possess a number of perks. For one, they take up less space in anyone's wallet, pocketbook, or what have you. In addition, there are many cards which possess certain benefits - cash back being one strong example - that cannot be attained with cash alone. As much as I support the usage of these cards, though, I would be lying if I said that there weren't a couple of precautions that new cardholders should be aware of.
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.
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.
According to the CNBC article, Princeton Survey Research Associates International concluded that 78 percent of Americans had $50 with them from day to day. To further emphasize this point, the same group determined that 49 percent of Americans had less than $20 with them at all times. What struck me, though, was that there was a degree of 9 percent of people that did not have cash with them at all. What this means, to me, is that many individuals believe that their focus should be set on other payment methods.
It's not hard to see why, though, as credit and debit cards alike possess a number of perks. For one, they take up less space in anyone's wallet, pocketbook, or what have you. In addition, there are many cards which possess certain benefits - cash back being one strong example - that cannot be attained with cash alone. As much as I support the usage of these cards, though, I would be lying if I said that there weren't a couple of precautions that new cardholders should be aware of.
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.
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.
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