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we are heading for a cashless society....it scares me

i just realized, i do all my spending on debit, its a good as cash and better than credit cause you're actually spending real money from your account.

convenient yes...but i'm actually starting worry with all the financial crisis of the banks that they may simply wipe out people's hard earned money sitting in bank accounts which they often spend with a piece of plastic.

i remember the power of "cash" back in the black-out of 2003 when access to one's money through electronic methods came to a grinding halt...i had about $150 in my wallet and boy did it save me when buying gas/food etc..coz then..cash was definitely KING!!

Only one option....take everything outta the bank, and put it under ur mattress!!!

AyanTu wrote:Only one option....take everything outta the bank, and put it under ur mattress!!!

smart choice

I think digital money is much better.

I remember not too long ago I tried transferring a big amount from one of my bank accounts to another and it failed several times, so I cashed it out and transferred the physical money to the other account myself.

I never been so frightened in my life, walking around with over 10,000 dollars in your pocket is no fun!

Dawwa,

Try walking with $100,000 in duffel bag.


Zulaika,

I wouldn't recommend using a Debit Card. if there is any fraud u are out that money. I charge everything and earn money through cash back rewards from the credit card companies. On an average year, I earn about $400-$500 in cashback.

Peter Ayliffe said that, by 2012, using credit and debit cards should be cheaper and more convenient than cash. Some retailers could soon start surcharging customers if they choose to buy products with cash, because of the greater cost of processing these payments, he warned." - Cashless society by 2012, says Visa chief"
http://www.independent.co.uk/news/busin ... 39676.html

ok now i'm really scared.

Abdiwahaab yesterday i got $300 back

Zulaikha plastic is the best option.

babygirl,

I love that cashback.

I once tried to buy a car with a credit card to get cashback: 3% on a $25,000 purchase = $750 enough to pay the sales taxes and registration.

AbdiWahab252 wrote:
I once tried to buy a car with a credit card to get cashback: 3% on a $25,000 purchase = $750 enough to pay the sales taxes and registration.

abdi,

u have a credit card with the purchasing power of $25,000??

i can never ever ever trust myself to carry credit card with such damaging potential. u are soooooo better than me when it comes to credit cards wallle.

AbdiWahab252

I heard it is possible to carry 1 million US dollars in a small bag if you use 500 euro notes, the highest widely available note. Criminals love it

Zulaika,

Yep, all at the tender age of 21.

Dawwa9,

I am unfamiliar with Euros but thats good news. The most I ever counted in cash was 25,000,000 Tanzania shillings (but it was all in 5,000 notes) or about $30,000 USD at the time. It took some time to count it all up.

The Somali shilling is a disaster. You must weigh it.

AbdiWahab252 wrote: Dawwa9,

I am unfamiliar with Euros but thats good news. The most I ever counted in cash was 25,000,000 Tanzania shillings (but it was all in 5,000 notes) or about $30,000 USD at the time. It took some time to count it all up.

The Somali shilling is a disaster. You must weigh it.

Nowadays in Somalia it is possible to send (Somali shillings and Dollars) money through mobile phone credit, at least Golis Telecom offered this service don't know about the others.

Many pay with their phones now.

A relief for many people..

abdi,

at 21 i was more spendaholic than i am now...and i was broke as they come...i cannot image having a credit card with high credit limit at that time..i think i would be in serious debt.

Zulaika,

I was never a spendaholic due to growing up in a family which teaches fiscal responsibility at an early age. I underspend.

Dawwa,

The Somali shillings are gone saxiib. Its the deadliest disaster