Three Advantages To Using Cash Over Credit/Debit Cards
We are all aware of the immense financial burden that Target and their customers faced this week when their databases were hacked and close to 40 million people got their credit card information stolen. This made me think about how we don't use cash anymore, so I've compiled a list of a few reasons why it is better than using our plastic lifelines.
1. It's a whole lot safer
Obviously anyone can be robbed or mugged, but if you only carry cash then the thief can only get as much money that is on you. If you have credit cards, they can gain access to hundreds or even thousands of your dollars before you can even report them stolen, especially if you're unaware that they were even taken. It can be even more devastating if they get a hold of your debit card- your account could be at negative amounts before you know it. If possible, keep your cards at home when you plan on shopping, that way you can use cash and nothing can be traced back to you in such a situation.
2. It can keep you from overspending
If you go shopping with a limited amount of money and no credit cards, it will be impossible for you to spend more than you really want to. We've all been in the situation where were at the mall or store and we go to the ATM to get more cash or we use another credit card for that extra stuff we just have to have- so eliminating the plastic all together forces us to stay within a budget.
3. It keeps a low profile and wipes out interest
Using cash over credit decreases the chances of your identity being stolen and completely cancels out interest, which can be high depending on the card and your credit. Every time you swipe a card your information is in the computer system for God knows how long- giving even the employees access to your numbers. All it takes is a few for a thief to completely uproot and devastate your finances and possibly your life, especially during the holiday shopping season. When carrying cards with you, keep them in an aluminum wallet or cover them in aluminum foil to prevent passers-by from scanning them without even the slightest knowledge. They are available at most major stores, including Rite Aid and CVS, but remember to pay with cash if possible!
These might seem obvious but sometimes when shopping (especially us girls) we forget the basic rules of cash and credit cards. If you plan ahead and try to avoid any serious repercussions before leaving the house, you'll be that much safer and have more peace of mind. Unfortunately millions of people are dealing with this, and it's not their fault- it's just what comes along with the responsibility of owning credit cards. They're a great thing to have- just be cautious.
Have you ever experienced a backlash from using credit cards? What would you do in such a situation?