Convenience
Cash also provides you with little convenience. Whether you are cashing a check, withdrawing money from an ATM, or a teller window most people get paid on the same day so you have to fight through long lines and waits just to get access to your cash. If you like to use ATM’s some have limits on how much you can withdraw in a day and that would mean multiple trips to the ATM. Also using ATM’s that don’t belong to your bank can lead to double fees normally around $5 total for each visit just to access your cash.
If you travel sometimes hotels or rental car places only take debit or credit cards. If you use a debit card they might put a hold on extra funds in your account. This could freeze extra cash you needed for other expenses on your trip and put you in a bind.
A similar issue can happen if a merchant double charges you for an item on your debit card. The extra charge can take away funds you needed to use elsewhere but you will have to wait until either the merchant or the bank can take care of these charges.
Your Future
Only using cash can affect your future, more specifically future purchases. You have to live somewhere and sometime in the future you will need to purchase a home. It could be from accident or mileage but eventually you might need to purchase a new car.
When it is time to make those purchases you will go to your financial institution or local dealer and try to get a loan for that home or car and when they decline you, you will be clueless as to why you couldn’t get what you needed when you needed it.
When you use cash or debit cards for all you transactions you are failing to leave a track record that shows how well you pay back money to others. Before you lend someone $200,000 for a home or $30,000 for a car wouldn’t you want to know how well they have paid back others in the past or how well they manage debt?
When you apply for apartments, insurance, utilities, cell phones, and some jobs they check your credit as well. This determines how high of a deposit you will have to pay or even if you get approved for service. I’m also sure you would hate to get turned down for a good job paying a lot of money strictly because of your credit.
Contact:
Clean Slate Credit LLC
Owner-Will Frazier
334-430-5296
www.cleanslatecredit4u.com
