While cash and credit remain two of the most widely accepted forms of payment, there are some differences in that credit seems to be growing more rapidly, and the use of cash seems to be shrinking. According to the Federal Reserve System (2013), the 2013 Federal Reserve Payment Study shows the number of credit card transactions grew at an annual rate of 7.6 percent, rising from 21.0 billion in 2009 to 26.2 billion in 2012. This increase in growth is expected to continue over the next several years. Another big reason the use of credit cards continue to skyrocket is safety. The credit card companies constantly advertise how safe their product is compared to carrying cash. For example, if cash is lost or stolen, it is just gone. I...
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...er retail shops, locally owned businesses, and most types of local fundraising still prefer to deal with cash sales and have not upgraded to a credit card option. Have you ever tried to buy Girl Scout cookies from you front door with a credit card? So it is important to keep both options available.
While credit cards and cash are still the two mostly likely forms of payment they both have their places, and people still have their preferences. The rapid growth of online shopping, as well as the increased average household debt verifies the rising use of the credit card. This rising annual debt could also be the single most reason that the citizen should still use cash, and reduce the ability to spend more than you have. So we must analyze our spending habits, and know if we are disciplined enough us use credit cards wisely before we make this important choice.
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