The world of electronic banking and other associated electronic fund transfers is growing. Credit cards are world wide and very popular, they will probably be slowly replaced by some kind of card which comes directly out of your account. We can see this already with Instant Cash cards, which deduct directly from your checking account.
Many people find cash to be more dangerous than credit cards. They are right to some extent. Cash is easily stolen with no hope of return and it can be hard to keep track of where it gets spent. Credit cards give you insurance and an itemized bill is sent to you every month, which makes credit cards very easy for book keeping and safe to use, right? Some people find comfort in not having an electronic trace of what they purchase every day. “As payment systems using
electronic checking become more pervasive, is it necessary to sacrifice the privacy and undocumentability associated with cash?” (Patiwat Panurch).
When you go the appliance store and wish to purchase a brand new 42’’ TV, all you have to do is whip out that piece of plastic that has a shiny symbol that says “Visa” on it, the cashier swipes it through a little electronic machine, you sign your name, and you now have new TV. WOW!
So, are you fully in control of your money? It’s a scary thought isn’t it? People in today’s world tend to just go with the flow with out even asking “what about…”. Personal bankruptcy is at an all time high. Maybe, having cards that deducted directly from your bank account, people would not spend money they don’t have.