A Simple Plan to Screw Big Banking. Use Cash.

[Joanne98]

For OpEdNews: Chaz Valenza - Writer

Here's a simple plan that will bring Big Banking to its feet: Use Cash.

For decades Big Greed has been selling us the idea that markets are just perfecto! Don't regulate them. Don't even bother chasing down fraud. “The Market” (Angelic Voices: Ahhhhh!) is so beautifully simple even scams cannot long survive.

Let's take the “Wisdom of The Market” stick it up Big Banking's rectum, twist, turn and otherwise shove vigorously and often.


Face it, the cavalry is not coming to the rescue if your name is not Goldman Sachs.

Government of the people, by the people, and for the people is temporarily out-of-order, like a soda machine that is taking dollar bills from customer after customer but relinquishes not one quenching 12 oz. can.

No legislation or regulations are in the offing to cap the rising tide of usury interest rates, curb punishing banking fees on debit cards or curtail demonic payday loans.

Here's the bill of fare:

Credit Card Interest: 30%
Merchant Credit Card Fees: 3.5 - 5%
Merchant Credit Card Receivables Loan: 36 – 97%
Payday Loans: 100 – 500%
Debit Card Overdraft Fees,
Over limit Fees, Late Payment Fees, etc:
Interest Equivalent to 12% - 300% and otherwise unlimited

Throw stones – millions of them. Every plastic transaction denied is a slice in the skin of Big Banking.

As a buyer: Use Cash. It's going to save you money verses paying with credit card or making a mistake with a debit card.

As a merchant: Discount 5% for Cash. It's going to save you money in reduced merchant charges and days waiting for credit card receivables. It's also an advantage against the Big Box stores and Big Food restaurants.

Think about it. Who would you rather have that 3.5% you give to Big Plastic on every credit or debit card transaction: Your customer or Big Banking? Isn't that worth the extra 1.5% in the discount?

But it gets better. It's guerilla warfare. It's a simple insurgency. Avoid the banking system to bring it to its knees. Use Cash.

How low-tech is this? How unstoppable? How inconvenient? Yes. But worth it!

Put it on bumper stickers. Make it your email signature. Pass the word in whispers to everyone who works for a living. Write it in magic marker on T-shirts. Design a flag and boldly embroider. Print up window signs. Post it on every blog you visit. Tweet it from the highest mountain. Two simple words: Use Cash.

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http://www.opednews.com/articles/A-Simple-Plan-to-Screw-the-by-Chaz-Valenza-091127-741.html

[Stumbler]

1. Well said. Use cash

Ever since I was old enough to understand the concept of interest on credit cards I found the idea of using them laughable. "...so I can buy something for $100 today, but I'll owe you $110, or more tomorrow? Why don't I just wait a couple days until I have the $100 to buy it outright, and save myself that 'convenience fee'?"

[Richard D]

2. I read someplace

That if you buy something on a credit card for $30 and make minimum payments on it it'll end up costing $300. That was before the current astronomical rates. Not sure if those numbers are correct and I'm too lazy to figure it out, but it does sound about right.

I still use a debit card, but the only reason I do so is it's easier to track expenses that way. Haven't had a credit card in over 10 years. Debt free rules.

[kster]

8. Damn Right!!! nt

[Tutankhamun]

12. Exactly. I've always been the same way. Credit cards are a con game.

And a transparent one at that.

[EVDebs]

3. What ever became of the Usury laws ???? LOL ! nt

[safeinOhio]

5. Usury laws went out when

banks told us if only you could cross state lines for credit cards there would be more competition and you'd save. Just like they are telling you the same thing about health insurance. They lied and they are now too.

You just about have to have a bank. Credit Unions are owned by you the customer.

[elocs]

4. There are those who cannot drink alcohol without ruining their lives,

the same is true of using credit cards. Those who are incapable of using credit cards intelligently should avoid using them at all. That includes those who unthinkingly make the minimum payments on their cards each month.

I currently have 2 credit cards on which I am currently pay 0% interest. On one of them my minimum monthly payment is $17, but I pay $200 which is 11x the minimum. I own my credit cards, they do not own me. Those who cannot do this should use cash.

There is a sizable minority of credit card users, up to 40%, who do pay off their balance each month. Also, up to 25% of Americans have no credit cards. Obviously there are millions of Americans who cannot responsibly use credit cards. They should use cash.

[RaleighNCDUer]

25. I've noticed that people who boast about how intelligently they use their

credit cards are the people who get in trouble with their cards.

A person can go for years with no problem, but then they suddenly get hit with a job loss, with extraordinary medical bills, or some such and suddenly you find yourself making minimum payments because that's all you can afford to make. You are buying groceries, and borrowing against the card to pay the rent, always thinking that it's only temporary - that things will turn around in a month or two. Make one late payment, and those 0% interest cards become 26%.

The only way to keep out of trouble with cards is to not feed the beast - don't use them. Period.

[DollyM]

31. actually, you don't even have to miss a payment to get hit with an increase

Our citibank visa, that I have had for 10 years and never went over and always paid on time, is goint to 19 percent interest. Thanks much for your loyalty to a good customer Citibank! As far as the rest, yes, many of us are in that boat, job losses and medical bills and so forth, holding on and thinking we will catch up later. We seem to have ran out of later with the latest stab from the credit card companies. Many of us are hanging on by our fingernails, the credit card companies raising rates just pushed us over the edge. These same companies that got bail out money should not be allowed to do this to people who are trying to be responsible and pay their bills on time. We are going to cancel our Citibank card as I refuse to be treated like this.

[elocs]

36. Your choice, not mine. If you have a problem with credit cards, don't use them.

Simple. Choice.

[RaleighNCDUer]

74. I don't. And good luck to you - because that is what you are depending on. nt

[Yavin4]

48. Folks Get Into Credit Card Problems Because Their Wages Don't Keep Pace With Cost of Living

If your income does not keep pace with your cost of living, then eventually, you will run up a credit card balance. It's inevitable.

Folks need to fight for better wages instead.

[bertman]

55. Or exercise restraint regarding purchases, Yavin4. A huge part of the problem of

credit card abuse is the "I've-GOT-to-have-that-product" mentality that we Americans have been engendered with in our role as consummate consumers.

I know people who make a decent living and who could live comfortably on their wages if they didn't think that they were supposed to be able to possess everything their hearts desire. That is just a sickness. And it's one that is made worse by being able to use credit cards.

Materialism.

And, yes, I am one too.

[Yavin4]

59. Sorry, But That's Not True

The biggest reason why folks fall into debt is healthcare costs. Most company health insurance plans come with huge deductibles, so if your kid gets an unexpected illness, bam, out comes the credit card.

Wages use to cover the cost of living as well as give you enough to save for retirement.

[The Wielding Truth]

60. That is so true. Wages are lagging behind inflation for most workers.

[Yavin4]

61. People Are Focused Too Much On What The Banks Are Doing Or Not Doing

Instead, they should be pushing their employers for higher wages. Labor productivity has soared in the U.S. over the past 30 years, yet wages have lagged. Meanwhile, cost of living has soared. Credit cards fill in the gaps.

[bertman]

65. I'm an employer. My partner and I pay our employees top dollar for the field they are in.

They can push for higher wages all they want, but the market will not bear it. Right now, we are just barely getting enough work to cover our overhead costs. How in the world are we going to raise wages and charge more for our projects when everyone bidding on those jobs is coming in at the rock-bottom price?

Most of the businesses in our line of work have already laid off many employees due to lack of work. We cut back some benefits trying to lower our overhead costs and keep everyone employed. Then, after eight months of slumping sales and losing money we laid off two workers, one of whom is now working full time again. Does it sound like we are in a position to pay our employees more money?

I guess you haven't noticed that we are in a major recession.

[Yavin4]

67. First, If You're Paying Your Employees A Middle Class Wage for Your Locale

Then I congratulate you. However, a lot of employers don't do that, and underpaying people which forces them into borrowing more and more money is the main reason WHY we're in a recession. We don't pay enough, so people borrow to go to school, borrow to buy a home, borrow to buy a car, borrow to pay for medical care, etc. etc. etc. And after all of that borrowing and no money coming in, people are tapped out.

Your business is suffering because there are not enough customers to buy your goods, and if wages don't rise at some point, you'll never have customers to buy your goods.

[bertman]

69. My business is suffering because the PROFESSIONALS for whom we work cannot get

loans due to the tight money situation everyone except the Wall Streeters are dealing with. We generally work for people who are highly-paid professionals--doctors, administrators, professors, attorneys, scientists, business owners, etc, not for hourly wage earners. If we were working for hourly wage earners we would have shut the doors in February of this year.

We not only pay our employees top wages, we also pay them excellent benefits and up until recently profit-sharing--I doubt there will be ANY profit to share this year.

[Yavin4]

70. People Aren't Making Loans Because People Are Tapped Out

Our economy is inter-related. Those professionals canot get loans because of the massive defaults by borrowers, namely mortgage holders. Borrowers are defaulting because they're not getting paid enough.

[bertman]

66. I know plenty of people who have never had a major illness and whose children have

never had a major illness. They are maxed out on their credit cards because they have chosen to buy a flat-screen TeeVee instead of keeping their old TeeVee. They couldn't just use their DVD player so they went to BlueRay and got the Tivo so they could record any show they wanted. All bought on credit cards.

Had to have that vacation at DisneyWorld even though it went on the credit card.

The kids got Nike Air Jordans and those fancy high-dollar purses instead of regular shoes and purses. And don't forget the fancy, name-brand clothes that are required for social status.

Twice a week at Bennigan's for dinner out. McDonald's and Burger King for meals when they could have cooked cheaper, more nutritious meals at home.

Coming from a family where we got hand-me-downs from the older siblings, Mom sewed my sister's dresses and blouses (yes, Mom worked full-time also), we managed to live without the fanciest and best of everything even though we weren't at the top of the fashion game and we weren't the envy of the school. A meal out on Sunday was a rare treat. Fast food didn't happen because we took sandwiches to school and ate breakfast and dinner at home.

We had a good life but we were not anywhere near as materialistic and possession-oriented as the families I see today--including my own.

Our nation has been trained to use "easy" credit to get instant gratification. Very few of us think of having fewer and less costly baubles with no credit cards. And it's due in large part to advertising/marketing. It's been going on since the late 50's.

[Yavin4]

68. Read This Book and Get Back To Me

[undergroundpanther]

6. I do most of my transactions in cash

I pay my bills as cash,take it to the post office and send it as money orders.I use the ATM twice. I hate using checks,and I will not touch credit cards.

[Name removed]

7. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[skepticscott]

9. Even better

Use your credit cards and pay them off in full every month. Have two or three with different billing cycles, always use the card whose billing cycle just ended, and set up automatic payment so that they never get your money early and can't hit you with late charges. Force the banks to float you tons of short-term interest-free loans and never let them make a freaking penny off you. All it takes is the discipline not to spend money you don't have or won't have within a few weeks.

[noamnety]

13. I think the OP's point

was that even if you do that, the credit card company is still making a profit.

I do that, myself - I pay off the balance in full each month so they are floating me loans for free. But all the same, they make more money in their fees to the retailer than they lose on loans to me.

[ThomThom]

16. unfortunately the banks still make money off your transaction

even if you pay in full but it is convenient to do it this way. The merchant pays a fee so you can use your card at their store. Cash is the only way to cut out the banksters. But you have to cash your pay check somewhere so they get a fee or they get to hold your money until you withdraw it from your account. Caring cash is also a big risk from loss or theft.

[skepticscott]

63. well, that's the problem

The banks do still make money off the credit card transactions with merchants. But many large transactions would be impossible, or at best inconvenient and dangerous, without credit cards, so for them to take a certain percentage is reasonable and fair. And if you avoided any transaction that you couldn't make conveniently with cash, that would probably hurt merchants more than the banks. Still, if you can make it work with a debit card, all well and good.

[Quantess]

10. It's also a great way to rein in spending.

Paying in cash tends to make people think twice about buying things, so you only end up buying things you really need or really want.

[northernlights]

51. actually I find the opposite is true for me

Cash burns a hole in my pocket -- I'll fritter it away on a candy bar...or three. But wouldn't dream of charging a candy bar. So using the card keeps me pretty much walking the straight and narrow. I do pay mine off every month, so don't pay interest or late fees...just get an interest-free loan.

Now if vendors started offering discounts for cash, I'd definitely go for that. But in the meantime, having a credit card gives me some coverage in an emergency. I noticed that someone above said the people who "boast" about paying them off every month are the ones who get into trouble...well, if you pay cash for everything and lose your job or have major medical bills and don't have a credit card, how will you buy food or pay for emergency room visit?

Fact is, if you are living hand-to-mouth (which sadly these days I am) than if there's an emergency, cash or credit, you're screwed. But credit buys you a few weeks time. I know because I hit that wall this summer. I juggled bills while running from store to store selling some jewelry and begging work.

It worked. My family and I all ate, I paid all my bills on time, I'm still afloat, and by Christmas may have a little maneuvering room.

[Tutankhamun]

11. I liked this piece so much that I just changed my sig line!

See below.

[Lex]

14. For your house? For your car?

Not likely. However, I haven't run a balance on a credit card in years. I do use AmEx but I pay off the balance each month.

[Joe Chi Minh]

15. Brilliant. Absolutely brilliant. If the poor acted in concert, as the rich do

against the poor, it would be a much more even playing-field. And they don't even have to be told.

In fact, we'd probably have leaders such as they have in Scandinavia, France and Germany. I have a little black book of major corporations I won't touch with a barge-pole, because they have shown their true colours more brazenly than the rest. What I withhold wouldn't amount to a single peanut, but I do it in the hope that others will do the same. Like voting in elections. Except its voting with our money.

[AnneD]

17. Welcome to my world....

I have been sans credit cards for 7 years now. It has added to MY bottom line. I also negotiate better prices on large ticket items when I pay cash-they save money too when we pay cash and they pass it on to us.

It really is not hard to do. We saved up an emergency fund to wean ourselves off using cards for emergencies. All we needed at first was 1K and now we have even more in our emergency fund. We did a debt snowball and started paying them off. We are in the final stretch of being debt free. As I am getting closer to the end-I can see how much those little percentages add up. It would not take much to seriously hurt the banks.

Count me already there.

My dream.... to pay for most of my house in the down payment if not pay it all. If we finance, it will be at 15 years fixed.

[Jackpine Radical]

18. I belong to 2 credit unions and do all my daily financial stuff through them.

We do have a mortgage somewhere else and some higher-paying CDs in a bank that used to be a CU.

I pay off my one personal credit card, which I have through a credit union, every month. I don't use it much--just for occasional small purchases that I don't want to run through our joint household account. For my business I use a debit card at another credit union. I do most of my money-shifting between accounts online. It works out very well and very simply.

[Froward69]

19. Monetarily I have four rules.

1)use cash whenever possible.

2)try to keep a personal overdraft. that is, take the amount you need for a mortgage payment and see it/recognize it as zero in your account.
Example My mortgage is 3300 a month, so 3000 is zero to me if I spend into that amount I save it/repay it back asap. = no overdraft fees ever. If I come short one month at least I can pay the Mortgage and stay in business one more month. (usually making the money back in 30 days.)

3)write checks to mail. Never EVER use auto pay. so the auto pay will never hit thrice and rack up all the fees from the bank and the merchant. (a stamp is far less expensive than the fees associated anyway.)

4)I do have one credit card. I use it on large emergency purchases only! (fridges stoves CI bathtubs etc) or for gas on Saturday afternoon and Sunday ONLY as the bank is closed and I cannot access my cash. Then pay it off the next month or ASAP Never ever send in the "minimum amount" Always send in as much as possible as every penny you pay off is one penny they can't charge interest on. I have a debit card that comes with my checking account. I cut to pieces the moment the bank sends it to me, as ATM fees are the first harsh lesson I learned in regard to how the bank preys upon their customers.

[SmileyRose]

28. You can pay online without auto pay.

I do not write checks. My credit union has online banking. I set up the list of payees and go in each month and pay the bill. I tell it what day to pay and how much. The payee has NO access to my account.

[Froward69]

71. A realitive of mine

got dinged by his Insurance company thrice in one month. His mortgage, utility bill and Credit cards all bounced.

[mike_c]

20. this is how I live my life....

K&R!

[katkat]

21. you don't always save money paying cash

I have a credit card with no fees and 2% cash back. I pay it in full every month. I like it because it gives me an easy handle on exactly how much I spend every month.

[eShirl]

22. What company issues credit cards with no fees?

[ginnyinWI]

24. I have a Visa Signature with no fees.

We have it as a "Hilton Honors" card that give us hotel points for purchases. We never charge anything we can't pay off in full at the end of the month, so our credit card-associated costs are nill.

[noamnety]

26. I've never had fees on my credit cards

that are charged to me, only the merchant fees. (Maybe that's what you meant?)

[Yavapai]

38. But, the merchant fees are added to the price you pay for goods / services,

so we pay them in the end anyway.

[noamnety]

42. Indirectly, yes -

the cost is spread among all shoppers, whether we use cash or credit, as a cost of doing business, like utility charges are passed on to us.

I don't pay a higher price for my individual groceries on a given day because I choose to charge them.

[SmileyRose]

27. Cards issued to prime borrowers usually DO NOT have annual fees

late fees, over limits fees yes, but not annual fees.

[quakerboy]

39. Most have cards with no annual fees

I have had many cards in my life, and never one with an annual fee.

[katkat]

52. that would be Schwab bank n/t

[chill_wind]

23. Elizabeth Warren: “Credit cards are like snakes:

Handle ‘em long enough and one will bite you,” she said. “You have to remember what are incomes to banks are outgoes to families.”

http://www.cjr.org/the_audit/a_good_bloomberg_profile_of_el.php?page=all

[silverweb]

29. I love my credit union.

I'm not a "customer," I'm a "member," and I have been for over 25 years.

[PJPhreak]

30. 26 year old Honda Trail 110......$1100

23 year old USED Toyota Corolla,purchased 17 years ago ....$1600

80 year old 4 room shack on a 1/2 acre.........$8100

2005 Novarra Bonanza Mt Bike and B.o.B trailer.....$1300



Watching the dismay on the Banksters Face when I told him to shove his Auto,Property,and Personal Loans up his Ass......Fuckin Priceless!!

[quakerboy]

40. Where can I get 1/2 acre with a liveable building

for 8K?

[PJPhreak]

43. Found this one on Craigslist,

We live in Virgil Ks.

Southeastern Kansas,and Southwestern Missouri are your best bet.

There are a few places around that can be had for not much,and there are no building codes here.

Just be ready for a real rural lifestyle....Think "Green Acres" or "Hazzard County"

our local auto repairman goes by the nickname Cleatis.

[Tab]

32. Really big banking doesn't run on cash

Cash is a pittance.

Read up on MI, MII, and MIII.

[Celtic Merlin]

33. I own ZERO credit cards.

I haven't used a credit card for over 20 years.

I pay with cash or use a debit card which pulls the $ directly from my checking account. If there isn't enough money in the account to cover what I want to buy, I don't buy it. But that happens almost never, as I know my balance and don't overspend.

Those of you planning to charge much of your holiday gift purchases - the biggest gift you'll be giving is the one you're going to give to the banking industry. And they won't even say, "Thank you."

Celtic Merlin
Carlinist

[earth mom]

34. Cash has is pretty much all I use, except for online purchases.

I got into a big fight with someone here on DU about this very thing a couple of years ago where the dude was saying that credit cards were a gift from heaven or some such b.s. :eyes:

[DFW]

35. I've been doing that for decades

I hate debts, end-of-month surprises, and usurous fees when a payment is late. Online use of a card is unavoidable, but when I'm home Stateside, it's cash, cash, cash. They look at me like I'm crazy when I ask for, and withdraw cash at my bank teller, but I fill out the forms, and get cash. The merchants like it, as they don't have to give up fees to the banks and credit card companies, waiters at restaurants love it, and the banks? They probably don't miss it. I'm just some unknown loss of a few hundred bucks in fees a year they'll never miss.

But if there are a few million of us? They'll miss THAT, I promise you.

[northzax]

72. Merchants, frankly, may not like it

Cash still has associated costs for merchants (and banks). First, it's almost always slower on the transaction end. Second, there is the shrinkage factor (incorrect change, out and out employee theft); then there's the need to have change on hand (someone has to count it, go to the bank during business hours to get more, and storage fees like a safe and insurance) then someone has to count the daily receipts, check them against the expected numbers and get to a bank to deposit them. The bank has the same issues, plus they have to provide change for dozens of merchants. I once worked at an establishment that deposited about $4k in cash a day, and took about a thousand dollars in large bills to change out. We spent about four man-hours a day handling cash.(I once, after a holiday weekend, walked to the bank with over thirty grand in my bag, the store pays insurance in case I skip out, or get mugged, or whatnot. Risk associated with me stealing $40 grand in credit card receipts? Small.) Figure the bank (notice those 'merchant tellers'? Gives out maybe 50-60 grand a day in change to merchants, that's a lot of coin to move around and store, right? Let alone paying someone to make change for me and my fellow merchants) Amount of time daily spent handling credit cards? About 15 minutes.

I'm not saying plastic is better than cash or vice versa, just pointing out that both have costs. Let's not pretend cash is free, either.

[DFW]

73. Good points, all

However, the costs for cash can be calculated in to the cost of doing business for the merchant, where the banks
and credit card companies see a golden cow that can be milked far in excess of the cost of doing business. I think
that is the objection to the whole credit card thing. The costs of handling cash are calculable, and any merchant
in his right mind won't raise prices to cover ten times the cost. Credit card companies are out to squeeze their
customers far beyond the cost of doing business, and make as much as they can off both merchants and consumers.
This is what I see as the fundamental difference. Rather than figuring in a cost of doing business, they are there
to make a profit off the process. When the fees they charge go wildly in excess of their costs, whether in order to
plug loss-making holes elsewhere in their operations, or to just make as much as they can, that is the point where
some consumer rebellion is in order.

[redirish28]

37. My wife and I have been doing this. No credit cards. The only time

we use any sort of plastic is a PRE-PAID visa card to get something from Amazon or ebay. other wise it is cash.

[davidwparker]

41. This is "so like what my grandparents did" and it worked for them. I was

debt free and then used a card to make home improvements. I won't be doing that again.

AMEX went up on me by 5% just before reissuing the card. Never missed a payment. Always pay on their website after the account cycles and it is paid before I receive the statement. Always more than the minimum.

I've created a budget, with a debt reduction slot based on http://www.cnbc.com/id/33421145">this show, and if I need the convenience of plastic, it is with a debit card.

[Roland99]

44. Cash...and use local/regional banks

[drmeow]

45. I say - use credit cards for your benefit

The reality is that in many places it is essentially impossible to buy a house without a mortgage (my spouse and I would have needed 3 years of gross pay to buy our house outright - yes we paid more to be walking distance to work but that has saved us from having to buy new cars - read, no new debt). And it is very difficult to get a mortgage that doesn't gouge you without a good credit history. And, because of the totally f**ked up way credit scores are calculated, it is very hard to have a good credit history without having some debt which has been paid down and a history of on-time payments (utility bills help but won't give you a good enough score to get the best mortgage rates). And, because of the f**ked up way credit information is used, there are things tied to your credit history which shouldn't be. So - use credit cards and smaller loans to build a credit history. Get a really good credit score and use it to get a really good rate on a mortgage. Then use credit cards only as much as you need to maintain a good credit rating (we're not going to change the way the system f**ks us over so the reality is we have to try to use the system to benefit us).

[geckosfeet]

46. I use a debit card. Just like cash. No interest or fees.

[Fire1]

54. Ditto. n/t

[Yavin4]

47. I Pay My Amex Balance Off Every Month

I've had my Amex for 4 years, and I haven't paid them a cent in late fees nor interest. They spam me every month to carry a balance on my card.

[Yavin4]

49. I Have A Better Idea: Fight for Better Wages

The reason why so many people have credit card problems is because their incomes do not keep pace with the cost of living. By not forming unions, we cannot control our income. We take what they give us, which is very little.

[seeinfweggos]

50. or join a credit union

[natrat]

53. sounds good but the real damage is the trillions they are stealing through the fed

borrow at zero pct and they buy commodities, stocks whatever,anything but lending it out then short the dollar and pay back money in severly devalued dollars---they are fucking this but good

[bertman]

56. Interesting idea, Joanne98. Lots of great info here. Recommend.

[waronbanks]

57. Sounds easy enough

Unless you are one of millions out of work, buried under debt from some medical emergency or any other of the hundreds other reasons people find themselves HAVING to live off credit cards. Every time I read these kinds of posts I wonder...do these people know that there are millions who have no choice but to use credit cards? And do they realize than many many people are in a situation where they cant pay off the cards every month?

Forget why they got there...we know its from predatory credit card crime families who enlist high paid operatives to figure out how to make people fail. For those of us fortunate enough to not have fallen prey to these criminal schemes (yet!) sure...you still have some control your credit situation.

So while pay cash may sound like the perfect solution reality says it will never work. The credit card companies made it that way. They set the system up for maximum failure by otherwise honest people.For instance they never have the same date of the month as a due date...you always to check your statement. This increases the chances of customers to overlook a due date and viola...late fees and interest rate ramped up to 29%. They send critical information in envelopes that are unmarked and in fact look like junk mail. Why? So you ay toss it out and then recieve fines and interest rate increases because you didnt get the message. They set the system up for maximum failure by customers becasue thats how they make huge money.

You dont know who you are dealing with...criminal corporations who employ people whose only job is figure how to cause people to fail. A cash only scheme will achieve little if any impact on the criminals holding America hostage.

[IrateCitizen]

58. Even if you're using cash, you're still paying interest (of sorts).

That interest being the REAL rate of inflation, which erodes the value of the dollar as you hold on to it. And that REAL rate of inflation is actually several percentage points higher than what is reported in government statistics. For a description of what I'm referring to here, go to this link: http://www.chrismartenson.com/crashcourse/chapter-16-fuzzy-numbers

If you REALLY want to screw over the banks, try to wean yourself off of cash for as many things as possible. Work to re-develop real community ties with your neighbors as much as possible, and BARTER with friends and family for as many goods and services as you can.

[MrMickeysMom]

62. I like the idea, by Golly...

I think I'll start with the signature... "Bring the baking system to its knees... USE CASH!"

[quaker bill]

64. I use my credit card well

by that I mean almost never. At one point in my life I had trouble with credit card debt. There were good reasons at the time to run a bit of a deficit, but it got a bit out of hand. It took a promotion and a raise, and then about two years of concerted effort (and driving really old cars) to pay it all off. I have never gone back. I currently use the card to book a flight, hotel room on-line or rent a car, and this is really rare, perhaps once or twice a year. I then pay it off on the first bill.

Your numbers seem a bit over the top on merchant fees. I pay 1.7% per CC transaction when I sell my artwork. I am always happy to take cash, but few offer it. I have noticed the number of folks using cash has increased over the last year. This means that it has gone from 5 percent of my transactions to perhaps a high of 20 percent.

I would consider a cash discount, but as all my stuff is original art, there is no competition to beat on price. Folks either want my stuff or they don't and as I build the work to be affordable, price is generally not an issue. I will however consider a "cash" logo to go with the little MC and Visa sign.

Personally, I use cash most of the time and have for years. I also pass the ATM and go in to see the teller whenever possible, no ATM fees, and the tellers are generally nice young folks who need work, just like the rest of us. I dumped commercial banking and have been a credit union member for many years, and of course, they handle my merchant account as well, and this may be why my fees are a bit lower.