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(Forbes)   Millennials are using cash far more often than credit cards in the wake of recent security breaches and the realization that they don't make enough money to have credit cards in the first place   (forbes.com) divider line 216
    More: Obvious, security breaches, Target, credit cards, digital native  
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2147 clicks; posted to Main » on 18 Mar 2014 at 7:05 AM (24 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



216 Comments   (+0 »)
   
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2014-03-18 07:07:00 AM
Also, those pennies really add up!
llnw.wbez.org
 
2014-03-18 07:07:40 AM
Good on them :) Maybe we can stop biatching about them so much and praise them for the GOOD things they do?

/Born in '80
//part millennnial, part gen X, 100% Crazy!
 
2014-03-18 07:08:27 AM
I have a feeling after tax day, there will be a lot more cash trading hands.
 
2014-03-18 07:08:58 AM
Good.

Grown ups carry cash.

I'm proud of you.
 
2014-03-18 07:09:25 AM
Euthanizing BabyBoomers helps to free up that medical burden too
 
2014-03-18 07:10:01 AM
A servant's economy built for serfs.
 
2014-03-18 07:11:18 AM
False: You don't need money to have credit cards. 
False: Millennials not yet smart enough to understand high cost of credit.
 
2014-03-18 07:12:39 AM
While it's still early in the thread I'm going to go ahead and submit a

Who Gives A shiat?

and hope the conversation ends.
 
2014-03-18 07:13:08 AM

macross87: Euthanizing BabyBoomers helps to free up that medical burden too


We should have aborted you
 
2014-03-18 07:13:13 AM

The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.


I have a coworker trying to date me who doesn't use cash, even small amounts.

/I won't even be your friend if you're one of those annoying-ass people
 
2014-03-18 07:16:24 AM

pottie: macross87: Euthanizing BabyBoomers helps to free up that medical burden too

We should have aborted you


You did. I'm the cremated fetus in a display case.
 
2014-03-18 07:18:28 AM
Boomer, here.  (Hold your fire!)  I fell into a deep financial hole a few years back.  Had plenty of help with the digging, but had to crawl out on my own.  I decided that the first order of business was to retire all credit card debts and stick with the pay-as-you-go plan.  I made it, but discovered that when you don't buy stuff on credit, your credit ratings suffer!
 
2014-03-18 07:19:45 AM

pottie: macross87: Euthanizing BabyBoomers helps to free up that medical burden too

We should have aborted you


Why not both?
/oblig
`
 
2014-03-18 07:21:08 AM

mafiageek1980: Maybe we can stop biatching about them so much and praise them for the GOOD things they do?


If you need to see the disaster to understand the risk, you're a Darwin award waiting to happen.

The ability to learn, especially from other's mistakes, makes them smarter than a Baby Boomer, so kudos there I guess.  But the lack of foresight doesn't quite make them smarter than my cat.

Well, I'll take progress where I can get it.
 
2014-03-18 07:21:34 AM

macross87: Euthanizing BabyBoomers helps to free up that medical burden too


Ha, that's so funny cause, like, yeah, when your society is gutted by a pack of weasels after it noticed how stupid it was to dump every single aspect of it's economy, culture and personal data into a bunch of gymnastic 1's and 0's and sh*t started falling over,  you kill all the old people, dude!  For like, success!   Our society will be roses and gold sh*tting unicorns when we kill all the old people!  Then, like, when we get old and sh*t, which, of course we won't, like, the cool young people can throw us away!  Woo.


img.myconfinedspace.com
 
2014-03-18 07:24:13 AM

SoupJohnB: Boomer, here.  (Hold your fire!)  I fell into a deep financial hole a few years back.  Had plenty of help with the digging, but had to crawl out on my own.  I decided that the first order of business was to retire all credit card debts and stick with the pay-as-you-go plan.  I made it, but discovered that when you don't buy stuff on credit, your credit ratings suffer!


True, true.  Also, if you don't buy stuff on credit, you don't need to worry about your credit rating. 

I do have credit cards, but I don't really use them too much.  And I'm happy!  People should try it. 

http://vimeo.com/50044167
 
2014-03-18 07:24:44 AM
Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works
 
2014-03-18 07:28:01 AM
What mom and dad wont let them use the credit card anymore?
 
2014-03-18 07:28:15 AM

bunner: macross87: Euthanizing BabyBoomers helps to free up that medical burden too

Ha, that's so funny cause, like, yeah, when your society is gutted by a pack of weasels after it noticed how stupid it was to dump every single aspect of it's economy, culture and personal data into a bunch of gymnastic 1's and 0's and sh*t started falling over,  you kill all the old people, dude!  For like, success!   Our society will be roses and gold sh*tting unicorns when we kill all the old people!  Then, like, when we get old and sh*t, which, of course we won't, like, the cool young people can throw us away!  Woo.


Laughoutloud

You only say that because you're old.
 
2014-03-18 07:28:17 AM

Cerebral Ballsy: True, true.  Also, if you don't buy stuff on credit, you don't need to worry about your credit rating.


Not quite true.  Whether you agree with it or not rates like homeowner's insurance and car insurance are often partially tied to your credit.

Also, many employers check credit before hiring...even if your job has nothing to do with money. They use it to see if you are a person of your word (by keeping your financial obligations).
 
2014-03-18 07:28:22 AM

illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works


It doesn't.   It's called "Loyalty Marketing" and it's a dandy divisive tool to keep the suckers blaming ~n demographic for their problems.  And buying stuff you sell them.  And we eat it with a spoon cause we need people to blame for sh*t and little folders to keep them in.
 
2014-03-18 07:28:26 AM

illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works


New Math.
 
2014-03-18 07:29:01 AM
forum.maplewoodonline.com
 
2014-03-18 07:30:07 AM

macross87: You only say that because you're old.


*Clicks "expected smirky response" counter*  Thanks for visiting earth. Please see the proctor for your grade.  :  )
 
2014-03-18 07:31:02 AM
"Millennials are using cash far more often than credit cards "

That's not what the article says. If this was happening or about to happen, the CC companies would be falling over themselves to implement the chip technology the rest of the planet uses because they vote for people that aren't owned by lobbyists.
 
2014-03-18 07:31:25 AM
I'm a millennial. I've always preferred to use cash (easier to keep track of how much you're spending) and, while I have a credit card, I have literally never used it.

I'm actually meaning to just to build up credit, but I was out of work for a bit until recently and was more focused on not spending my money than how I was spending it.
 
2014-03-18 07:32:09 AM
ITT:

media.giphy.com
 
2014-03-18 07:33:41 AM

The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.


If I get robbed of my cash, how do I get it back?

oooh right... no protection on that... I will continue to use my debit/VISA thanks... rob me of that, I get the money back by 5pm same day.
 
2014-03-18 07:33:56 AM

illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works


I thought Gen X refered to youth dealing with the aftermath of WW2 .
 
2014-03-18 07:34:55 AM
Well. This thread is just a train wreck.
 
2014-03-18 07:34:59 AM

HindiDiscoMonster: If I get robbed of my cash, how do I get it back?


Life has risk.

Being a grown man isn't for everyone.
 
2014-03-18 07:35:19 AM

Cerebral Ballsy: The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.

I have a coworker trying to date me who doesn't use cash, even small amounts.

/I won't even be your friend if you're one of those annoying-ass people


Like cash, hate change.

credit cards mean not walking around with change.  I'll tip the ice cream man .98 cents to avoid jingle pockets.

/never go into combat with change.
 
2014-03-18 07:35:43 AM
I have one credit card, I use it as much as I can and I keep it paid off.  I never accumulate interest charges and I reap the points benefits this card offers, I can use it online easier then hard currency or a regular bank card.  I hear people complain that they can't use a credit card because they can't mentally map the association between their checking account and their credit card balance.  They are idiots, mouth-breathing idiots.  It takes all kinds in the world I guess.  I still like to collect coins though, pennies particularly.  I keep them between my butt cheeks for a few days and then fill up those take a penny leave a penny dishes, you are welcome.

Cerebral Ballsy: True, true. Also, if you don't buy stuff on credit, you don't need to worry about your credit rating.


This cunning plan only works if you're part of the Renters and leasers for life crew!  Or your are ridiculously rich or miserly, or both.
 
2014-03-18 07:35:58 AM

Cerebral Ballsy: The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.

I have a coworker trying to date me who doesn't use cash, even small amounts.

/I won't even be your friend if you're one of those annoying-ass people


That's a super cool thing to be really upset about.

Personally, I use a card for everything.  Even super-small purchases.  Everything auto-pays onto the card, including utilities where possible.

At the end of the month, I have an accurate history of exactly where my money was spent and I pay off the card.

I have an exact history down to the penny of my spending habits, down to how often I grab fast food at lunch or how much I've spent on shoes in the last 5 years.  It definitely helps when trying to find places where I could slim down the budget instead of looking at an empty wallet at the end of the week and trying to remember where it all disappeared to or sorting through a handful of crumpled receipts.

I've never been in debt, other than my mortgage.  I've never even take a car loan.  But because of my solid history with my card, I was in the top-tier for credit rating when I applied for that mortgage.

I have never in my life carried a balance over on my card or paid a single cent in interest on those charges.

tl;dr You're ridiculous for judging someone using a card without knowing the details.

/born in 82.  Technically a millennial, I guess.
 
2014-03-18 07:36:35 AM

reprobate1125: Cerebral Ballsy: True, true.  Also, if you don't buy stuff on credit, you don't need to worry about your credit rating.

Not quite true.  Whether you agree with it or not rates like homeowner's insurance and car insurance are often partially tied to your credit.

Also, many employers check credit before hiring...even if your job has nothing to do with money. They use it to see if you are a person of your word (by keeping your financial obligations).


While I can understand a couple of jobs being interested in that sort of thing (such as in the financial or security sectors), in general the idea of needing solid financial footing just to get a job that doesn't involve flipping burgers should piss people off.  Doesn't that seem like an incredibly easy way to trap people in a vicious cycle?
 
2014-03-18 07:36:48 AM
If you don't care about being tracked, Google Wallet.  It's basically a declining balance card you can use anywhere that takes MC.  If it gets stolen, no harm no foul, the limit of liability is the balance.

If you do care about being tracked, cash.
 
2014-03-18 07:36:56 AM
No mention of the CARD Act of 2009.  Basically, the card issuers aren't allowed to shove $3000-limit cards to 18-year-olds with no verifiable income (and this free T-Shirt!), like they did when I was a college freshman in the 90s.   While a lot of kids got burned with CC debts, it was nice that I had many years of credit history by the time I was out of school.

Debit cards really weren't a common thing in the mid-90s.  Now... it's what most 20-somethings have (because they don't get credit).

Given a choice between cash and my rewards credit cards, I'll pull out the latter, even at Target.  Given a choice between cash and a no-rewards directly-tied-to-my-bank-account debit card, I'd pick the former.
 
2014-03-18 07:37:19 AM
I always have a small amount of cash for emergencies or in the chance a place does not take a debit card (liquor stores). I do not have a credit card and while I will get one eventually to build credit, I enjoy not going into debt with impulse buys and just spending/saving the money I've earned.
 
2014-03-18 07:38:09 AM
I have started using cash more lately- just because I've been spending more time at a cash-only joint. I tend to do everything with debit, my wife tends to do everything on credit, which works out great, honestly- she pays it off every month, and we get cash back.
 
2014-03-18 07:38:31 AM
Gen X'er here, and I just paid off all my credit cards. So Im getting a kick outta these replies.

/I'm making Christmas gifts this year
 
2014-03-18 07:39:18 AM

The Muthaship: HindiDiscoMonster: If I get robbed of my cash, how do I get it back?

Life has risk.

Being a grown man isn't for everyone.


Do you watch a lot of money rap videos or something?
 
2014-03-18 07:39:43 AM

The Muthaship: HindiDiscoMonster: If I get robbed of my cash, how do I get it back?

Life has risk.

Being a grown man isn't for everyone.


if being a grown man means taking unnecessary risk, then I choose not to be a "grown man" by your definition.
 
2014-03-18 07:40:10 AM
If you have a modicum of self-control then using credit cards is far superior to using cash:

1. Nobody is forcing you to buy crap you don't need.
2. Credit card companies pay rewards for using their cards, anywhere from 1% - 5% depending on the purchase.
3. It helps your credit rating (useful for qualifying for a home loan and getting better interest rates).
4. Pay it off every month and your cash can sit in your bank earning some interest and there is no cost to using the card
5. You are not responsible for fraudulent charges (good luck getting your cash back if stolen).
6. Most credit card companies offer extended warranties on purchases made with their cards.
7. Impossible to rent a car without a credit card
8. If you have an emergency and don't have enough cash to cover your expenses, you can still buy food.
9. Buying stuff online is extremely difficult without a credit card, and you can find most things cheaper online (saving you more money).

There are probably many other reasons.  It all boils down to self-control and responsibility.
 
2014-03-18 07:40:40 AM

illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works


The millennials are the generation that "came of age" at the turn of the century. We say "came of age", because while other generations may have "grown up", the millennials just sort of stumbled from birthday to birthday. But that's beside the point. Another cohort is hot on their heels and will be entering the workforce in five years or so, and we don't have a name for them yet. I know everyone has a lot on his plate at the moment, and we don't have to solve this problem right away, but we should be looking for ideas. I'm sure the millennials want to start making fun of someone else as soon as possible, and we'll need to have a name ready to go.
 
2014-03-18 07:41:56 AM

UNC_Samurai: While I can understand a couple of jobs being interested in that sort of thing (such as in the financial or security sectors), in general the idea of needing solid financial footing just to get a job that doesn't involve flipping burgers should piss people off. Doesn't that seem like an incredibly easy way to trap people in a vicious cycle?


Frankly the sort of people who have terrible credit are exactly the sort of people I don't mind getting pissed off about stuff like this, the rest of us don't really care because its sort of like a "you must be this tall to ride" sign, it keeps the riff raff out of the office until they grow up and start looking at the bigger picture then their current day to day life.
 
2014-03-18 07:42:06 AM

reprobate1125: Cerebral Ballsy: True, true.  Also, if you don't buy stuff on credit, you don't need to worry about your credit rating.

Not quite true.  Whether you agree with it or not rates like homeowner's insurance and car insurance are often partially tied to your credit.

Also, many employers check credit before hiring...even if your job has nothing to do with money. They use it to see if you are a person of your word (by keeping your financial obligations).


As someone who has worked for a bank, as well as a large insurance underwriter, I can tell you that what you stated is pretty much false.

I understand a lot of people don't know how insurance companies make money, but your ability to make payments is not something that actuaries concern themselves with.

As for the credit check thing... I am a hiring manager (and have been for years) including at some fortune 100 companies. I've actually never seen HR perform a credit check on anyone, including people who work at financial institutions (like me). Criminal check, absolutely yes.

I think a lot of this is just old wives tales b.s. and fud, probably peddled by people who also peddle credit. There's no virtue attached to being in debt at usury rates regardless of what anyone tries to tell you and the only type of debt worth taking on is one that has a ROI greater than your financing, like for instance - buying a home or starting a business or buying stocks on a line of credit, all of which are financed at rates that tend to be reasonable as opposed to credit cards.

Hell, I actually do not have a credit card and I've worked in finance most my adult life. Very few of my contemporaries who have them ever carry a balance on them and use them primarily for travel and renting cars.

Only poor people need to use credit cards. Think about that for a second.
 
2014-03-18 07:43:13 AM

HotWingConspiracy: Do you watch a lot of money rap videos or something?


Do they still make those?

I'm not against using credit cards.  I do it quite often.  But, adults should carry a reasonable amount of cash.  It has flexibility beyond any other form of payment.  My bias comes from and endless list of anecdotes involving people saying "I don't have any cash, can we split the check 14 ways and I can use 3 of my credit cards, a debit and this gift card?" when the bill arrives.  It's annoying.
 
2014-03-18 07:43:55 AM
What a person who is not owned by a lobbyist might look like.

blog.lib.umn.edu
 
2014-03-18 07:46:37 AM

The Muthaship: HotWingConspiracy: Do you watch a lot of money rap videos or something?

Do they still make those?

I'm not against using credit cards.  I do it quite often.  But, adults should carry a reasonable amount of cash.  It has flexibility beyond any other form of payment.  My bias comes from and endless list of anecdotes involving people saying "I don't have any cash, can we split the check 14 ways and I can use 3 of my credit cards, a debit and this gift card?" when the bill arrives.  It's annoying.


4.bp.blogspot.com
/CASH... the choice of Armed Robbers worldwide.... :P
 
2014-03-18 07:47:02 AM
RockofAges:  No shiat, pops. You guys sold all our shiat to China, sat back and reaped the short term rewards (see: Alberta Tar Sands) -- destroyed all public sector jobs and all unions (unions that largely bought you your middle class lifestyle on a single breadwinner) and then told us to go work the fry vat. Oh yeah, and if we don't like working the fry vat after doing two degrees (the degrees you sold us at 400% inflation over your own degree -- note the singular, if you even have a degree (most teachers from that era only went to "teacher's college") -- we're "lazy biatches".


No, that's just a convenient folder to put the people who did that in.  The term your looking for is "thieving, greedy cocksuckers" and they span every generation still breathing.  Study it out.
 
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