CNBC put forth an article that started with a surprising piece of news: only one in ten Americans carry paper money with them. It does not seem like this should be the case, though, especially with paper money being one of the more convenient ways to pay for anything in the long term. Keep in mind, though, that there are many people who prefer using credit and debit cards instead. If you are curious about some of the other statistics linked to this story, Bobby Jain can draw your attention to them.

For one, CNBC stated that 78 percent of Americans carried less than $50 in paper money. This was found out as a result of a survey done by Princeton Survey Research Associates International, which also discovered that 49 percent of all Americans had less than $20 with them at all times. The fact that there were even some that strayed from cash entirely was an especially eye-opening piece of information for me. In one respect, it shows that people are becoming more reliant on other types of payment.

Why are there so many people who refuse cash and instead turn to credit and debit options? These cards, from what I have seen, are less cumbersome, which means that every wallet and pocketbook can benefit from the space that is freed up from less cash. What about the many benefits associated with these cards, cash back being one of the more prominent examples to consider? These options should be enough for cardholders to keep in mind but there are a couple of potential negatives for people to keep in mind.

One of the concerns that Bobby Jain can bring to your attention is that credit and debit cards alike can be declined without the proper financial care taken. You do not want to see this occur, especially if you are looking to make a tremendous purchase. Financial authorities such as Jain understand that this is one of the reasons why, even with the advancements made in terms of technology, paper money is still carried out. Having various options all but guarantees a greater degree of financial freedom.

For those who do not carry cash with them at all, it is important to start going about this. You may never know when you’ll find yourself in a bind and your credit or debit card simply refuses to work. Yes, these options may be strong but when they won’t go through, for one reason or another, it’s important to have cash as a backup plan. You may soon find just how much better off you will be if you have a number of payment options to take advantage of.

Seeking more details about Bobby Jain? Simply call Bob Jain Credit Suisse today!