Cash only or Cashless?

April 7th, 2010
Are there individuals with no credit records exist in the United states? This was the question my 13-year old son asked her aunt who is working in America. It is an innocent question from my son but worth pondering. He was able to think of it because my sis-in-law joked to him that she is now living cashless… everything she is spending are charged in her credit card.

What do you think? For me, I still believe that there are still people who do nor have personal loans or credit. These people are those who are usual young and are just gaining financial independence. If majority of the people in the developed countries live in a “ Cashless” society… I still believe that there are few who have chosen to live a “cash only” lifestyle . These people are those who have never financed a car, a home or even used a credit card. I know a friend who is an executive in a big company in the country who doesn’t have a credit card. He doesn’t like the idea of charging expenses on the credit card and then after a month pay for it. His principle is – “ If you can pay it in cash… why charge it?”. Hmmm…. I agree with him. Credit Card is a big temptation. Oftentimes, we purchase things without considering its necessity. Will you agree with me?

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