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Archive for August, 2007

Credit cards aren't cool, and cash isn't old-fashioned

August 14th, 2007 at 02:23 pm

Found an study from the Federal Reserve about payment preferences, and it was really surprising to me. Scroll down to Table 7, and check it out.

http://www.federalreserve.gov/pubs/feds/2006/200617/

It looks like the highest users of credit cards are senior citizens, age 65+.

The highest users of cash are 18-24 year olds.

So if you want to be trendy and youthful, use cash. Don't mind being in the company of old farts? Then go ahead and use credit! (I say this as an old fart who'd rather be youthful and trendy!)