- Who gets hurt when you make one choice or the other?
- When you pay for college without taking out student loans, who gets hurt? The Government doesn’t get your interest? They also don’t have to worry about defaults on your loans.
- Who gets hurt when you pay cash for a car? The finance company, because the dealership you actually buy the car from gets the money for the car.
- Who gets hurt when you pay cash for your: Clothes, groceries, gadgets, and vacations with a debit card instead of credit? Credit card companies, but they still make money on the actual debit transactions so they will still be around.
- Who gets hurt when you don’t use the 90-days same-as-cash furniture? The 90-days same-as-cash company, the furniture is still paid for.
- Who gets hurt when you pay cash for a house? The bank because they aren’t getting your interest, not the person you are buying the home from. In fact, they are getting their money right away without having to wait for a contingency sale of your old house or approval for your financing. Who are you trying to buy the house from anyway?
The people who get hurt when you pay cash for things are banks and finance companies. It seems like there are better things that we could be doing than paying people who are selling us money.
..think about those last six words
Almost all pre-paid credit card products cost you money to buy, load, re-load, or have monthly recurring fees. It looks as if the Amex prepaid card does not, so that makes it sound more like a gift card, which I think is just fine.
There are people who don’t use banks, they are off the grid, and this could be something they could use for travel reservations, on-line purchases, and other situations where you need a Debit or Credit card.
Thanks for the question Natalie!
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