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(Fox Business)   Eight out of 10 financially illiterate Americans carry less than $50 cash on a daily basis and nearly 1 in 10 customers don't carry cash and buy everything with plastic. This is bad news for muggers   (foxbusiness.com) divider line 83
    More: Dumbass, New York Federal Reserve, Greg McBride, household debt, Fox Business, Bankrate  
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2014-05-14 11:23:58 AM  
If you're not paying the entire balance of your credit card off every month, you're doing it wrong.
 
2014-05-14 11:34:56 AM  
Bankrate analyst Greg McBride says the connection between the reports is evident.  "People carry little in the way of cash because they prefer the convenience of paying with plastic, have rewards programs that incentivize them to do so, and have protection from unauthorized debit and credit card transactions, unlike cash," he said.

What's financially illiterate about that, Subby? Are you just upset because I get a 2% discount on every purchase, subsidized by you?
 
2014-05-14 12:02:45 PM  
Works for me when the panhandlers catch you at the gas pump.
I just hold up my debit card and say, "Sorry, man".
 
2014-05-14 12:03:58 PM  
The only time I have $50 in cash is when I go to the bar.  I don't want to have an open tab if I need to get out in a hurry
 
2014-05-14 12:05:09 PM  
Trust me.


The muggers have taken over.
 
2014-05-14 12:07:09 PM  
Paying with credit isn't a bad idea if you pay the balance off each month.  If you get airplane miles or some other benefit and there isn't a "convenience fee" for using credit rather than cash, well, why not?  The key is to not lose sight that what is on the credit card needs to be paid off before interest starts taking hold.
 
2014-05-14 12:07:26 PM  

serial_crusher: If you're not paying the entire balance of your credit card off every month, you're doing it wrong.


Don't forget to use a cash back card also. You can make money off the process.
 
2014-05-14 12:07:40 PM  

Maud Dib: Works for me when the panhandlers catch you at the gas pump.
I just hold up my debit card and say, "Sorry, man".


Make it interesting. Learn an obscure language. In my town, I'd be left bleeding-out if I flashed a debit card.
 
2014-05-14 12:07:48 PM  
First of all, this is a repeat from yesterday.

Second...

Theaetetus: Bankrate analyst Greg McBride says the connection between the reports is evident.  "People carry little in the way of cash because they prefer the convenience of paying with plastic, have rewards programs that incentivize them to do so, and have protection from unauthorized debit and credit card transactions, unlike cash," he said.

What's financially illiterate about that, Subby? Are you just upset because I get a 2% discount on every purchase, subsidized by you?


This.
 
2014-05-14 12:08:16 PM  
I guess they will have to switch to kidnapping .
 
2014-05-14 12:08:25 PM  
I very rarely have cash in my wallet. Debit cards are just too convienent. Besides, any cash in my wallet is quickly nabbed by my daughter..
 
2014-05-14 12:08:47 PM  

Smeggy Smurf: The only time I have $50 in cash is when I go to the bar.  I don't want to have an open tab if I need to get out in a hurry


I'll bite, why do you ever need to leave in that much of a hurry?
 
2014-05-14 12:08:57 PM  
I carry at least $200 in cash.  I try to avoid going to the ATM any more than I have to.
 
2014-05-14 12:09:09 PM  
While the cashless trend may not be good for the greenback, Simon Financial President Saul Simon says it's really not good for consumers, either. "Turning to plastic is dangerous. It becomes a crux for [shoppers] and this is precisely how bad habits and debts are formed.  No matter what you do, you should always carry extra cash."

I assume the word you're looking for is "crutch"?
 
2014-05-14 12:09:39 PM  
Cash back card for every purchase doesnt mean I dont know how to manage my money. Just dont do to the gas stations that charge 10c more for credit.
 
2014-05-14 12:09:48 PM  
Well, there's your problem right there: "...Simon Financial President Saul Simon..."

Hey Better call Saul!
 
2014-05-14 12:09:59 PM  
I remember cash. It is a very distant memory. They keep offering it to me at check out stands.
 
2014-05-14 12:10:13 PM  
I think the opposite. People who only use cash are financially illiterate.
 
2014-05-14 12:10:14 PM  

Theaetetus: Bankrate analyst Greg McBride says the connection between the reports is evident.  "People carry little in the way of cash because they prefer the convenience of paying with plastic, have rewards programs that incentivize them to do so, and have protection from unauthorized debit and credit card transactions, unlike cash," he said.

What's financially illiterate about that, Subby? Are you just upset because I get a 2% discount on every purchase, subsidized by you?


It's Neil Cavuto and Fox Business. It is the antithesis of Financial Literacy and mostly playing on old people fears and prejudices about money. Fear of an all digital economy and no paper records?!

Like the first person mentioned, pay off your credit card every month if possible. Believe me that will make you aware of spending.

Also if you require cash to make you more disciplined with your spending there is something else wrong entirely.
 
2014-05-14 12:10:41 PM  

You're the jerk... jerk: Smeggy Smurf: The only time I have $50 in cash is when I go to the bar.  I don't want to have an open tab if I need to get out in a hurry

I'll bite, why do you ever need to leave in that much of a hurry?


You never know when you'll need to partake in a good bar brawl.  Leaving your card afterwards is just begging to go to jail afterwards.
 
2014-05-14 12:10:54 PM  

AeAe: I carry at least $200 in cash.  I try to avoid going to the ATM any more than I have to.


Same. I like having the theoretical ability to make a relatively significant purchase in cash, if needed. Not that I ever really find myself needing to.
 
2014-05-14 12:12:01 PM  

Super Chronic: While the cashless trend may not be good for the greenback, Simon Financial President Saul Simon says it's really not good for consumers, either. "Turning to plastic is dangerous. It becomes a crux for [shoppers] and this is precisely how bad habits and debts are formed.  No matter what you do, you should always carry extra cash."

I assume the word you're looking for is "crutch"?


I'm so glad I'm not the only one.  It could be the crux of the problem, but not a crux for shoppers.

/carry less than $5
//3% cash back on everything everywhere every damn day babay!
///yes, pd in full every month.  And at $100 cash back, it just rolls to a payment on my bill, so some months I end up ahead!
 
2014-05-14 12:12:03 PM  
I carry less than $20 on me at any given time.  I pay for everything with a debit card.  I have a credit card.  But I only use that in a pinch, and I pay off the balance every month (well, I leave a little on there because I'm trying to build my credit rating).

I've been through the whole "destroy your credit with credit cards" thing.  I ain't doing that shiat again.
 
2014-05-14 12:12:37 PM  
carrying more than $50 in cash is less responsible, in my opinion.

if i lose my card, i call and get a new one and have no liability for fraudulent charges.  if i lose my cash, there is nothing to be done.

second, credit cards offer all kinds of consumer protections for purchases.  cash offers none.

obviously, pay it off.  or, better yet, use a debit card (and always run it as credit.  running it as a credit card incurs those protections, while running as debit does not).
 
2014-05-14 12:13:12 PM  
Cash is for criminals, poor people, and buying things off Craigslist, which may or may not entail dealing with the first two groups of people.
 
2014-05-14 12:14:10 PM  

Super Chronic: AeAe: I carry at least $200 in cash.  I try to avoid going to the ATM any more than I have to.

Same. I like having the theoretical ability to make a relatively significant purchase in cash, if needed. Not that I ever really find myself needing to.


Plus it sucks when you find that place where they don't take cards like a parking lot in Philly where you then have to go on an ATM search.
 
2014-05-14 12:14:26 PM  
But we're all in agreement that you need at least three or four hundred in cash, mostly twenties, when you go to the strip club, right?
 
2014-05-14 12:16:15 PM  

Super Chronic: AeAe: I carry at least $200 in cash.  I try to avoid going to the ATM any more than I have to.

Same. I like having the theoretical ability to make a relatively significant purchase in cash, if needed. Not that I ever really find myself needing to.


Making it rain does have it's enjoyable moments. But then again, so does drunkenly poking your  chip card at a strippers vajay before getting tossed out.
 
2014-05-14 12:16:34 PM  
I spend MORE if I have cash, because it's already deducted from my bank balance, so mentally I don't feel like I'm spending it.  And everything goes on the airplane mileage card, which has a $6k limit, I find it's a decent way of keeping a budget, and I pay it off in full every month.
 
2014-05-14 12:16:50 PM  
I'M bad news for muggers.
Really.
they just give you an excuse.
 
2014-05-14 12:17:21 PM  
I prefer charging when possible since it's easier for me to track what I spend and where I spend it.
 
2014-05-14 12:18:19 PM  
I just let my handlers take care of all that stuff.  Me and Beibs are too busy keeping it real, yo.
 
2014-05-14 12:18:46 PM  
My IRL name is a fairly common one. So much so that, when getting major collision damage fixed at a nearby body shop, I discovered that the guy fixing my car had the exact same name as me.

Hell yeah, I paid in cash...
 
2014-05-14 12:18:47 PM  

monoski: Super Chronic: AeAe: I carry at least $200 in cash.  I try to avoid going to the ATM any more than I have to.

Same. I like having the theoretical ability to make a relatively significant purchase in cash, if needed. Not that I ever really find myself needing to.

Plus it sucks when you find that place where they don't take cards like a parking lot in Philly where you then have to go on an ATM search.


That's something I plan for when going out.  Normally I have less than $10, but when going out to dine, or attend an event, I always make sure I have some actual cash, for just those things.

I have forgotten though, and have gone on said ATM hunt, eventually paying that $4 fee because it wasn't my credit union's brand.  But my credit union refunds those on the next statement cycle, so no real harm was done.

No real point, just being chatty.
 
2014-05-14 12:20:05 PM  

Super Chronic: But we're all in agreement that you need at least three or four hundred in cash, mostly twenties, when you go to the strip club, right?


I usually bring rolls of quarters. I can't afford to make it rain, I have to settle for making it hail.

/I'm kidding
//I don't go to strip clubs
///I have the internet
 
2014-05-14 12:20:29 PM  

serial_crusher: If you're not paying the entire balance of your credit card off every month, you're doing it wrong.


This.

Also...
No matter what you do, you should always carry extra cash." Many say paying with cash makes you more conscious of what you're actually purchasing.
...is complete bullshiat.  Having cash in my wallet just makes me more likely to spend it on random crap.
 
2014-05-14 12:20:59 PM  
It's a Fark thread about credit cards, so we're going to be swimming in comments from people who don't understand that if you spend within your means and are therefor able to pay off the balance every month, having a credit card doesn't cost you anything. In fact, there's huge value in the points, and transaction cost for the merchant is built into the price of all goods, so whether or not you're using a card for purchases, you're paying to use it. So all you people who only use cash help subsidize the frequent flyer miles I get from my card. Thanks!
 
2014-05-14 12:21:11 PM  
Any decent mugger or panhandler these days will have Square credit card reader on their iPad for your convenience.
 
2014-05-14 12:21:25 PM  
Headline fail.

Makes no sense without quantifying how many Americans are financially illiterate.
 
2014-05-14 12:22:37 PM  
I usually carry $40 and try to see long I can make it through the week. It's a game I play, because I'm poor.
 
2014-05-14 12:24:05 PM  
Financially literate (i.e. rich) people normally use checks or credit.  Carrying wads of untraceable, steal-able, mug-able cash is the dumb thing to do.
 
2014-05-14 12:25:52 PM  
Carrying cash is passe even in virtual worlds: GTA Online started with a cash and bank system so you had to carry cash to spend (with risk of being mugged) or put it in the bank to be safe (but then you couldn't pay for some things), but gradually Rockstar has caved to players wanting to spend directly from the bank account and now you hardly need to carry cash in game.
 
2014-05-14 12:25:53 PM  

durbnpoisn: I carry less than $20 on me at any given time.  I pay for everything with a debit card.  I have a credit card.  But I only use that in a pinch, and I pay off the balance every month (well, I leave a little on there because I'm trying to build my credit rating).

I've been through the whole "destroy your credit with credit cards" thing.  I ain't doing that shiat again.


No, you will just try your hand at the whole "have your checking account cleaned out when your debit card number is stolen" thing. Credit cards are a great tool for many reasons. If you can't use them responsibly then you are more than likely an idiot. You didn't learn your lesson anyway since you are still carrying a balance on your card.
 
2014-05-14 12:26:00 PM  
1 in 10 Americans don't have any cash to carry. The banks own them heart and soul.
 
2014-05-14 12:26:38 PM  
I carry ~1k in cash. I pay with NFC where possible, but if it's over $50 then you have to do the chip and pin thing which takes longer then cash. I prefer cash in restaurants and bars too: More convenient than going over to use their terminal, less of a security risk than them going off somewhere with your card.
 
2014-05-14 12:26:59 PM  

arjayct: Headline fail.

Makes no sense without quantifying how many Americans are financially illiterate.


1 percent, they got all the money
 
2014-05-14 12:28:55 PM  

Lars The Canadian Viking: I carry ~1k in cash.


Huh, interesting. In an unrelated aside, my very large associate and I have something very neat to show you down this alley. Step right this way, please.
 
2014-05-14 12:29:06 PM  
I prefer to use plastic, but I still carry cash and use it for some businesses.  The more respectable the business is, the more likely I'll use plastic.  The real issue for me is the way the card readers get swapped out for scam readers, which steal your info.  Sure, you can get your money back if you are the victim of credit card fraud, but the process of dealing with any sort of identity theft is a real pain.  I'm not 100% on this, but I thought being a victim of fraud is also bad for your credit score, isn't it?
 
2014-05-14 12:29:14 PM  
I have come close to being mugged once in my life. I know nobody that has even come close. It must be bad in some cities if it makes you worry about it.
 
2014-05-14 12:29:18 PM  

Nem Wan: Carrying cash is passe even in virtual worlds: GTA Online started with a cash and bank system so you had to carry cash to spend (with risk of being mugged) or put it in the bank to be safe (but then you couldn't pay for some things), but gradually Rockstar has caved to players wanting to spend directly from the bank account and now you hardly need to carry cash in game.


The really awesome part is that you could deposit cash from your cell phone, probably still can for all I know.
 
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