9 Reasons You May Want to Cancel Your Credit Cards – 9 Year Mortgage
With a growing number of merchants not accepting cash anymore and the U.S. Treasury printing fewer dollars, we are moving closer and closer to an all-plastic economy. This is great news for banks, credit card companies, and marketing establishments which can now go through our transactions and our personal lives in more detail. However is it a good idea to go all cash? What are some of the main reasons to cut back on spending with credit cards? Continue on and 9 Year Mortgage will go over 9 reasons why you should consider going all cash.
9 Year Mortgage with 9 Reasons to Go All Cash
1. You May Spend Less
A study done by Massachusetts Institute of Technology found that people are more willing to spend more when they use credit cards than they are when they use cash. No wonder our national obsession with shopping exploded when credit cards came into play.
2. Card Bonuses
The majority of people use their credit cards for frequent flyer miles or other bonuses. 9 Year Mortgage says many of these deals are actually becoming less valuable. A lot of airlines are starting to cut back on frequent flyer programs. 9 Year Mortgage says that if you are smart, dedicated and targeted about getting and using your bonuses, then you can sometimes get good deals. However, overall the deals are starting to get less valuable and are increasingly focused on cards with annual fees.
3. Budgeting = Easy
Budgeting your money is something that everyone is telling you to do these days, and it’s great in theory but when we live in a plastic world it is hard to manage our money wisely. However, when using cash, it is made easy. 9 Year Mortgage suggests that with cash all you have to do is go to the bank once a week, take a certain amount of cash out, and then you have your budget for the week.
4. Less worry about identity theft.
If you worry a ton about handing out your card or personal details every time you make a purchase then you might want to consider going all cash. The banks and online merchants work very hard to maintain security, but those pesky crooks are just as inventive and the bad news there are a lot of them. 9 Year Mortgage says people suffer from identity theft all the time, but using cash cuts down that risk.
5. Impulse Shopping
One of the main ways credit cards let us spend more is that they make it easier to buy things that we do not really need and possibly may not even want–they are completely spur of the moment purchases. 9 Year Mortgage says that the stores are set up to encourage it, they rely on sophisticated marketing science to manipulate you into reaching into your wallet to get that card out. On the other hand, if you don’t have the money on you, then you can’t splurge. 9 Year Mortgage suggest that if you really want that item, then go back on a day when you do have the money, because chances are you won’t actually go back to buy it.
6. You can still shop online.
Keep in mind that just because you go “all cash” that doesn’t completely prevent you from getting online deals. When you have to buy something online, just pick up a pre-paid VISA card at the store. You can refill it with cash whenever you need to make an online purchase. That way you are really controlling your spending habit because you put money on it that you know you have.
7. Say goodbye to debt.
9 Year Mortgage suggest that you pay your cards off in full every month. You would think people would do this more often, but that is not the case. They use their cards to borrow, which becomes a disaster because they never had the money to spend in the first place. We have seen what the overuse of debt has done to our economy. Bankrate.com says that the average card charges you 14% interest, and many charge a lot more. So if you stop using credit cards you stop spending the money that you don’t have because you only have enough cash for your necessities.
9 Year Mortgage says that credit cards are great for tracking people. They tell you what you bought, where, and when. Also if you throw in all of the data tracked by your smartphone, your iPad and so on we have very little privacy when it comes to how we spend our money. With cash no one can track you, no one knows how much you spent or where you spent the money. If you like your privacy, 9 Year Mortgage says going all cash is right for you.
9. What I earn and what I spend
Think back to your first job and how you would calculate how much everything you spent cost you in terms of hours you worked. So that new DVD likely cost two hours of your time, lunch with your friends cost you can hour, a coffee at Starbucks cost you half an hour, and so on. It’s no wonder that the rise in credit cards has resulted in an explosion in the number of people living beyond their means. 9 Year Mortgage says before VISA, if you wanted a fancier car or a vacation next year, you needed a pay raise.
Wrapping it up with 9 Year Mortgage
9 Year Mortgage suggests that if you are a little nervous about going all cash then start with getting rid of one credit card and see how that goes for you. However, the only way that this will work is if you are disciplined enough to make a change in your life. 9 Year Mortgage also wants you to make sure that this is something that will work with you and your family. You could use cash for some things and cards for other things, 9 Year Mortgage thinks that it is really up to you and what would work best for you. For more great money saving ideas visit 9 Year Mortgage on Youtube or go directly to the 9 Year Mortgage Money Saving Minute. The recently launched Eliminating Debt with 9 Year Mortgage site is also full of valuable, free information. Don’t miss a similar article on the Dangers of Mobile Payments and learn what you need to watch out for.
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