The Economy Of America 's Capitalistic Economy Essay

801 Words Sep 3rd, 2015 4 Pages
In America’s capitalistic economy, many companies are having huge Black Friday sales that actually begin on Thanksgiving due to the need of the unbeatable sales and to get newest product, such as the iPhone. Aside from societal and cultural implications and lasting problems, the consumer faces another difficult choice of deciding how to pay for all of the goods and services. With checks, people have to take time to fill the information out, as compared to cash where it is handed over and change is given. Checks also risk being declined because the process checks go through to be cleared can decline the checks. If people write multiple checks in a day, and typically write one or two checks a month, the checks can be declined by the system even if the account has sufficient funds. Also, checks people have to order more as they are used, as compared to cash where there is no hassle of ordering. According to Thomas, the number of checks written since 2009 has been dropping by 1.8 billion a year. A figure like that projects checks to be gone by the year 2026, and since checks require a checking accounts just like debit cards, debit cards will perish as well. With debit, credit cannot be established, and folks are missing out on the opportunity to establish credit. Debit cards allow people to spend as much as they have in their checking account, yet credit cards let people spend up to a set limit, but the payments must be paid on time. There is less fraud protection with debit…

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