Wednesday, August 08, 2007

Life Takes Visa?

First, I must admit that I still like my debit card: I do not know what I would do without "Pay at the Pump." However, I have experienced an empowering feeling when paying with cash. Unlike the new Visa commercials, which would have you believe that paying with cash not only inconveniences those around you but leads to business loss due to cash being a slower transaction, I have found it to be quicker. And, you feel like you hit the lotto by having exact change. Not to mention, you spend less. Studies show that you tend to spend 17% more when you pay with any kind of plastic. McDonalds studies have shown that people tend to buy 40% more with plastic. So, not only are we getting fat, we are getting broke. I do not have to log in all of those receipts into MS Money and it paying with cash helps me stay on budget.

After watching Maxed Out and In Debt We Trust, I really dislike the credit card companies. I no longer have one and I have not used on since November. Hopefully, one day, I will have a nice FICO score of 0.


James said...

Cash is king. Would it not be cool to wallow in a swimming pool of cash? Much better than a swimming pool of credit cards.

Chuck said...

As my financial advisor tells me every day, Debt is dumb, cash is king and the paid off home mortgage has taken the place of the BMW as the status symbol of choice.