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Main » 2010 » November » 9 » How Digital Money Is Changing The Way We Handle Cash
6:20 AM
How Digital Money Is Changing The Way We Handle Cash
We are now in an era where we want everything done in an instant. The most prolific change is how we handle money in our every day lives. More and more people are leaning away from caring cash in their pockets, wallets, or purses. With the increase in money related thefts people are using alternatives ways to use cash. Many economists have been saying for years that the use of cash money in our every day lives is on the decline. That the number of people who use credit, debit, or prepaid cards is on the rise. As well as digital or e-money used with on-line banking accounts. Many people have changed to more convenient ways to use or spend money other than writing checks or paying by cash. Even when some business will offer a small discount for using cash.

The idea of using a credit card to buy now and pay later has its pros and cons. The new Federal Credit Card laws, have mostly gone into effect. With the changes geared more toward protecting the consumer from hidden fees and high interest rates. One draw back to the new law for some consumers is you now must be at least 21 years old with proof of an annual income. For those under 21 years old, they must have a co-signer with adequate income to cover the credit card. Now the idea of using a debit card instead of cash also has its own pros and cons. The majority of debit cards are endorsed thou the credit card industry where you bank. Though there is no fee if you use your debit card at any of your banks teller systems. You will be charged a small fee to use it anywhere else by your bank and the place where you are using it. It is always a good idea to ask up-front what the business fee is for using for your debit card since some business will place a minimum block fee on your card to make sure they get their money. Even prepaid credit cards have their own monthly fees as well as an activation cost.

Digital or e-money has been in use with major corporations and banking systems for some time as a way to transfer large sums of money using the internet. For the consumer, now there is a convince of having an on-line bank account. By finding a trusted, insured, and secure banking site many people are putting money into these types of accounts. It is another way for people to make on-line money transactions with out the use of a credit card. The money is instantly withdrawn from your account showing you what your balance is and keeping a history of all your on-line transactions that you made. A down side to this type of an account is that the money not being used in the account dose not gain any interest. Many economists and money analysts are speculating that there will be a day when paper and coin currency will be a thing of the past. Our history shows that over the ages as we have evolved, so has our ways of obtaining goods and services. The future of money will always be with us in one form or another.

Category: Finance | Views: 300 | Added by: zani | Rating: 0.0/0
Total comments: 0
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