A new report from Bankrate shows credit card debt is on the rise. Nearly 8 out of 10 Americans carry less than $50 in cash on a daily basis and nearly 1 in 10 customers do not carry cash at all. This study comes at the same time the New York Federal Reserve is saying U.S. household debt rose by $129 billion in the first quarter, totaling $11.65 trillion.
Many agree that paying with cash makes consumers more conscious of their spending. We are quickly moving to an all-digital age, subject to hackers. But not everyone is seeing the death of paper money as a bad thing. A Chief Risk Strategist for Chapwood Funds says, “Carrying cash guarantees that you are losing money over time with interest and inflation.”
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