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Another big downside: when you pay something with cash, it hurts. It physically hurts. You give your hard earned cash and get back the goods. Cash is gone. But
by ivanche 5y ago
Another big downside: when you pay something with cash, it hurts. It physically hurts. You give your hard earned cash and get back the goods. Cash is gone. But when you pay with a credit card, you give your credit card to cashier, she gives you goods and your card back. It doesn't hurt. Your brain registers this as not spending because you got your card back. As a result, people spend way more when they use cards in comparison with cash.
- syrgian 5y agoIn the countries I've lived (Europe, both south and north), financial waste doesn't come from things you pay in cash, but from things we have not paid in cash for decades (rent/mortgage, car loans, monthly services, expensive travel...).
- ivanche 5y agoI agree, and that only reinforces my point! With the exception of buying home which is almost impossible to buy with cash, everything else would really hurt if one had to give cash for it! And I bet that a lot of financial waste would be no more if one had to count the bills for vacation, then for car loan (BTW, I bought a car outright), then for Netflix/Amazon Prime/whatever monthly subscription etc.
- kwere 5y agoif your iq is above 80, after few months you will make the logical connection, i believe
- ivanche 5y agoIt seems there are millions and millions of people that didn't make that connection. Credit card companies are thriving.