WASHINGTON D.C. – A lot of ‘Cash Only’ signs are starting to disappear from store counters. The reason why is pretty obvious: not as many people carry cash on them!
A new report from Bankrate.com shows nearly one in ten Americans don’t carry cash on a regular basis.
Of the people who do carry cash, almost half of them don’t carry more than $20.
With credit cards, debit cards and now mobile phone payment apps, cash is losing its spot in our wallets.
Not to worry! Cash is still king and it accounts for more than 40% of payments, most frequently for purchases under $10.
On the other hand, credit card debt is soaring. Go figure.