It Pays to Pay With Cash

If you wait long enough, all of your favorite old-fashioned habits come back in style.  After decades of nothing but dark denim on store shelves, faded jeans are making their first appearance since a time so early in the 90s that no one in Florida had heard grunge rock.  Now that the babies who were born when the first iPhone debuted are in high school, young adults are gaining a new appreciation for flip phones that do not constantly interrupt your work and your relaxation with alarmist notifications.  It is unsurprising, then, that now that you can pay with debit cards, smart watches, apps, cryptocurrency, and Apple Pay, cold, hard cash is the hottest new thing.  Sure, some conspiracy theorists out there might scoff that, since banknotes are a fiat currency, they are ultimately worthless, but they are good enough for the vendors selling you the things you want to buy.  For help reducing your debts so that you have more cash to go around, contact a Plantation debt lawyer.

Cash Payments Never Trigger False Alarm Fraud Alerts

How many times have you swiped your card at the supermarket, only to find that your account is blocked?  When you call your bank, you find out that it flagged a possibly fraudulent transaction.  You insist that it wasn’t fraud, that it was you who bought drinks from a convenience store in Georgia because you stopped for a bathroom break during a road trip, but it takes several business days to get your account working again, so for the time being, you must charge your groceries on an interest-bearing credit card, while the people behind you in line glare.  They might also glare if you counted out your exact change, but at least you wouldn’t have to wait days to have access to your money again.

Some Businesses Offer Discounts on Cash Purchases

Cards are a hassle for merchants, too.  Many credit card companies charge the merchant two to four percent for every transaction that customers make using their cards.  Therefore, some stores offer customers a discount equal to the credit card company’s share when the customer pays in cash.  By paying cash, you can save money and help local small businesses stay solvent.

The Cash Only Diet Could Come Back in Style

Personal finance experts have been promoting the “cash only diet” for decades.  When you pay for your purchases in cash, you can easily keep track of how much you are spending.  You might even decide against an impulse purchase if it would require you to withdraw money from an ATM and pay a fee.  Instead, you might wait until the bank opens and take money out from the teller, and only then would you decide whether you still wanted the impulse purchase.

Work With a Debt Lawyer About Conquering Your Debt With Cash Transactions

A South Florida debt lawyer can help you build a debt repayment strategy so that you can use cash to avoid incurring more debt.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.

Source:

cnbc.com/2024/05/26/when-paying-with-cash-can-be-better-than-credit-card.html