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

August 14th, 2007 at 07:23 am

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!)




5 Responses to “Credit cards aren't cool, and cash isn't old-fashioned”

  1. Ima saver Says:

    I leave my credit cards at home and only carry cash. I only use my credit card when I order from a catalog or (Just recently) online.

  2. frugalhousewife Says:

    It is funny how the credit card commercials try to convince people that you are only cool if you use a credit card. I get annoyed that the cash paying customers are portrayed as nuisances. Ugh!

  3. carol Says:

    I espically hate those credit card commercials you are talking about too frugalhousewife. Now they have commercials that bash check writing too. Tends to raise my hackles.

  4. Stein Says:

    Consider the source..

    I would rather do what is best for me than what is best for the bank. No that I am trendy, all the better.

  5. LuckyRobin Says:

    I can pay with cash or fill out a check faster than people with credit cards or debit cards. I've timed it. Half the time they have to swipe their card two or three times because they do it the wrong way and then the machine is out of tape or something that takes forever to fix. Then they have to sign it. Meanwhile for me, I've filled the check out ahead of time so all I have to do is quickly write in the amount. With cash, even simpler. Hand it over, get your change. Those commercials are just silly when compared to real life.

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