43% of Americans go without cash for a week

@Money June 22, 2012: 11:35 AM ET
cut-out-cash.top.jpg

43% of Americans cut out cash for a week

(MONEY Magazine) -- Are cash payments becoming a thing of the past?

Money never goes out of style, but the paper version seems to have lost some appeal: Able to buy stuff with debit cards, credit cards, and even mobile phones, two in five adults have gone cashless for an entire week, according to a recent survey by Rasmussen Reports.

While plastic is convenient, it's also a threat to thrift: A 2011 study found that people paying with cash think more about a purchase's costs; those using credit dwell more on the benefits -- and are primed to pay more.

MAKE IT PAY

Using cash? Ask for a discount. Changes to Visa and MasterCard rules in 2010 permit merchants to cut prices for customers bearing legal tender.

Mom-and-pop shops might knock 2% to 3% off your bill, says SmartCredit.com CEO John Ulzheimer.

Using plastic? Put off buying unplanned purchases a few days, says Connecticut College psychology professor Stuart Vyse.

You'll duplicate the cash-economy delay of having to get money from the bank -- and give yourself time to reconsider what you really need to buy.  To top of page

Help! We need a makeover
Young dad, $15,000 in credit card debt
Readers' Choice

Carlos Rodriguez is trying to rid himself of $15,000 in credit card debt, while paying his mortgage and saving for his son's college education.

$400,000 portfolio, too many holdings
Readers' Choice

Susan Carson and Laura DeLallo make $225,000 and have half a million in retirement savings, but their sprawling portfolios is proving hard to manage.

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.04%3.99%
15 yr fixed3.44%3.45%
5/1 ARM3.88%3.78%
30 yr refi4.08%4.04%
15 yr refi3.43%3.44%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
  • -->

    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.