Paulo1 wrote:I use a credit card for just two things, online purchases and gas. |I have noticed over the years that people who use credit cards for more than that often have really big balances to pay off at the end of the month and can get in financial hot water. Since I have no debts and have been retired since 57, I must have done some things right.
If you've got financial discipline, then good for you. So do I. I use a credit card instead of cash 99% of the time -- excepting tips I give any nice fast food person who serves me. I pay off the bill in full each month (never paying a penny in interest or fees), and I have a convenient record of what I spent online, per my statements. I don't have to worry about losing the card as long as I report it promptly to the bank, unlike cash. Cash is filthy. Cash can be bulky compared to the card. etc. So you prefer cash and I prefer a credit card -- each to their own based on their needs.
I'm NOT saying anything about your financial life. I'll I'm saying is the "cashless society is a scary thing" or the idea of a cashless society somehow correlates with a coming collapse meme makes little sense to me.
I generally don't like to push the buttons that say "give me extra cash" because of how often outfits of every stripe are trying to get fees from me (often hidden in reams of disclosure docs. And no, I don't want to waste time reading all that crap to be sure I am not charged fees. This is a peak oil site. Why make extra trips to the bank/credit union if you can avoid that? I'm glad your credit union is so efficient. My credit union and bank vary WIDELY in how fast/crowded they are.
So, with respect, can you explain why the idea of a cashless society is something to be feared? All our bank accounts, etc. are virtual entities in computers anyway. Cash is really a worthless piece of paper -- it's a symbol for stored value people (thus far) agree on.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.