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
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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 cards opposed to credit cards which promote reimbursement. When using a debit card to purchase items or depositing a check into an account, there could be a hold on the money in the account. Having a hold on the money makes it harder to manage expenses. This leaves but two more realistic and in the light of the above, better choices, cash or credit. Whereas people like to use cash, others prefer to use …show more content…
Cash is accepted universally, every store or person will accept the dollar. Cash has been around since the 10th century according to the Chinese Archaic-Jade Shop. Ever since cash has been invented, it has been a driving force of the economy to promote trade, and profit. Likewise, credit cards are becoming more popular, and according to Jonathan House, credit card lending will increase by 6% by 2016, a stat that has not been achieved since the pre-economic recession in 2005. People are spending more money whether it is to pay for school, to buy a house, or to buy recreational activities. Whether the expenses are paid by cash or credit, the organizations are still getting their money. Everyone lives off of money, whether it is bartering or payday. When paid in cash, no taxes are taken out. After a hard working day, people do not want their hard earned money going to Uncle Sam, but appreciate the benefits of it. However, credit cards offer electronic payment which allows direct deposit, although taxes are automatically taken out. But, by having an electronic record it is easier to track how much money is coming and going. Nevertheless, whether the consumer is getting paid in cash or electronically, they are not only forced, but willing to
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 cards opposed to credit cards which promote reimbursement. When using a debit card to purchase items or depositing a check into an account, there could be a hold on the money in the account. Having a hold on the money makes it harder to manage expenses. This leaves but two more realistic and in the light of the above, better choices, cash or credit. Whereas people like to use cash, others prefer to use …show more content…
Cash is accepted universally, every store or person will accept the dollar. Cash has been around since the 10th century according to the Chinese Archaic-Jade Shop. Ever since cash has been invented, it has been a driving force of the economy to promote trade, and profit. Likewise, credit cards are becoming more popular, and according to Jonathan House, credit card lending will increase by 6% by 2016, a stat that has not been achieved since the pre-economic recession in 2005. People are spending more money whether it is to pay for school, to buy a house, or to buy recreational activities. Whether the expenses are paid by cash or credit, the organizations are still getting their money. Everyone lives off of money, whether it is bartering or payday. When paid in cash, no taxes are taken out. After a hard working day, people do not want their hard earned money going to Uncle Sam, but appreciate the benefits of it. However, credit cards offer electronic payment which allows direct deposit, although taxes are automatically taken out. But, by having an electronic record it is easier to track how much money is coming and going. Nevertheless, whether the consumer is getting paid in cash or electronically, they are not only forced, but willing to