Cash and credit cards, often show relationships between insecurity. Carrying large amounts of cash increases the chances of it becoming stolen. Similarly, credit cards are also stolen because thieves will steal the numbers of the credit cards without the person knowing.
Thieves do not need the actual credit card to access all the money available in the card and the person’s identity. Some credit cards offer protection against fraudulent charges. This protects the owner from credit card fraud and identity theft. That being the case, cash is better than credit cards even though, once cash is stolen it is gone forever.
Paying with cash lowers the chances of making impulsive purchases. In addition, this helps avoid overspending. Only spending what is inside the wallet helps with deciding between what is needed over what is wanted. A college student, for instance, goes to the bookstore to purchase a scientific calculator. He only has a 20-dollar bill, as he approaches the cashier at the register, he notices a burgundy beanie that’s on sale and he likes it. The only problem is that he does not have any of his credit cards on him, he cannot make the purchase becau...
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...ee’s associated with interest rates. This will make it impossible to pay the bill.
However, if someone does not have a stable job, making the payments on the credit cards will be a difficult challenge that will lead to bad credit. In addition, if a person gets laid off from their job and cannot pay back the credit cards, as a result, the interest rate will go up. Credit cards should be used responsibly. Yet, some people still prefer credit cards over cash because one day they want to live in a decent house, or drive a luxurious car. Credit cards are good to have, only if the person has a permanent job; otherwise, cash is best.
When considering making purchases with cash or credit cards, the person must consider their necessities, lifestyle, and special circumstances. A person that does not consider these important aspects will often not care for their finances.
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