Monday, April 21, 2008

Good News is Bad News

Worried shoppers 'turn to cash'

Worried shoppers are increasingly spending with cash instead of credit cards, a survey by the British Retail Consortium (BRC) has suggested. A survey of 17,000 shops found cash was used for 60% of transactions last year - up from 54% in 2006 - and accounted for about a third of all money spent. The BRC said it showed a reluctance by people trying to control their finances to spend money they did not have. Director general Stephen Robertson said cash was "alive and thriving". Another reason to remove cash from citizens?

Posted by plato @ 11:52 AM (947 views)
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13 thoughts on “Good News is Bad News

  • Another reason is the amount of fraud being committed, just had mine cancelled for that reason. I have noticed how large organisations like supermarkets are making it gradually more difficult to pay with cheques or cash, I assume they want all the check outs automated so they can get rid of staff.

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  • Re use of cash – there is an excellent hillarious but scary sketch in this film which shows a PC screen of personal details being checked and has the audio of a bloke ordering a pizza by phone. It is a ‘money’ based film
    also available bittorrent.

    Aarron Russo
    America: Freedom to Fascism – Director’s Authorized Version – 111 min – May 5, 2007
    http://www.freedomtofascism.comhttp://www.freedomtofascism.com

    http://video.google.com/videoplay?docid=-1656880303867390173

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  • Since being bankrupt in june 2003 due to my stupidity in using and living off credit ! I find spending cash means i can only spend what i earn so we seem to be getting back to traditional living standards? Or is it that the country is now all maxed out on the cards , and so gorged in debt that this will now be the case?

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  • Before too long cash will be dead……and we will all use our ‘elctronic purses’ or oyster cards loaded with ‘credits’ to buy stuff, from automated check-outs…..

    For those of us that prefer to pay ‘up front’ rather than load up our credit card debt – where we can barely meet the minimum monthly payments let alone pay off the balance…I uess our days are numbered……but hey, I’m just off down to the local farm to swap some of my labour for a dozen eggs….think on!

    Credit Cards are the fruit of the Devil!

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  • Maybe the only people who have money to spend, are those paid in cash and not subject to over taxing by this incompetent government.

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  • How much would these figures be skewed if consumers were buying less ‘high value’ items like new cars or things usually bought on credit?

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  • I’m 35 and until I’m moved to England 3 years ago, I only had and used debit cards in my life… Good sense commands that for day to day puchases, you can only buy what you can afford on that day.
    I don’t see the point of using cash if you’re scared to use money you don’t have. Just use your good old debit card, that will just do the same and prevent you from moving around with loads of cash that you may lose.

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  • Credit cards – bad, causes mega stress, arguments, family breakdown.

    Debit cards – useful, but always a small worry – is there enough in the account?

    Cash – stress-free shopping. If you have it, fine, if you don’t, you stop spending. Just remember not to run out of food and money at the same time.

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  • Im with You Uncle Tom, I learnt my lesson 5 years ago as Credit Cards bring only misery ! Cash is King and try to be as Debt free from these Banks and misery wherever I can be?

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  • Credit Cards given to the vulnerable like I was can only bring misery , and I learnt the Hard way! why cant we let some of these Banks go the same way – Cash will be King I say!

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  • Im with Uncle Tom on this one – Credit Card Debt = Life of misery / Divorce / Relationship breakdown / arguments / social structure breakdown and the list goes on and on!!

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  • Maxed Out book and film – there is a UK version of the book not sure about the film.

    Maxed Out begins as Beth Naef, one of the most successful real estate brokers in the country’s hottest real estate market, Las Vegas, gives us a tour of a $5.5 million spec house. What’s important to her clients, she says, are elevators, massive kitchens and wine cellars. Beth is building a ten-thousand square foot McMansion of her own, a home she admits she won’t be able to afford if interest rates go up. But, as she concludes, “if you look like you make money, I guess eventually you will.”

    Maxed Out reveals that the financial industry’s best customers are the broke and the bankrupt. The most profitable niche of the industry is called “alternative” or “sub-prime”—euphemisms for a business formerly known as loan-sharking. They target those with less than perfect credit-people like Mark Mumma, whose frustration with the sub-prime credit card issuer Providian caused him to start the website http://www.providianfinancialsucks.com. From 2000-2002, Providian paid over $400 million to settle charges that it defrauded its customers. Soon after, a Providian director and the chairman of its compliance committee was appointed corporate crime czar by George W. Bush.

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