While cash has many advantages and is the recommended form of payment for those who are attempting to get out of debt, it is not the best option in all situations. Using cash has its drawbacks:
Cash is not flexible. While inflexibility is an advantage when a person is trying to control spending, it is a disadvantage for the careful shopper. The limitations of cash may force us to pass up an opportunity to take advantage of a sale. At the very least, it may require us to make an extra trip to the store.
There is a risk of loss or theft. The practical use of cash may require us to carry a large amount of it with us. Thus, we run the risk of losing part or all of it or of having it stolen. Unlike the loss or theft of a debit or credit card, which can be canceled and replaced, once cash is gone, it’s gone.
Cash offers no consumer protection benefits. Once the cash is exchanged for a good or service, it can be very difficult to get it back if the transaction results in a dispute of some kind. There is no intermediary in a cash transaction. The consumer is at the mercy of the seller for a refund or other remedy.
While cash has many advantages and is the recommended form of payment for those who are attempting to get out of debt, it is not the best option in all situations. Using cash has its drawbacks:Cash is not flexible. While inflexibility is an advantage when a person is trying to control spending, it is a disadvantage for the careful shopper. The limitations of cash may force us to pass up an opportunity to take advantage of a sale. At the very least, it may require us to make an extra trip to the store.There is a risk of loss or theft. The practical use of cash may require us to carry a large amount of it with us. Thus, we run the risk of losing part or all of it or of having it stolen. Unlike the loss or theft of a debit or credit card, which can be canceled and replaced, once cash is gone, it’s gone.Cash offers no consumer protection benefits. Once the cash is exchanged for a good or service, it can be very difficult to get it back if the transaction results in a dispute of some kind. There is no intermediary in a cash transaction. The consumer is at the mercy of the seller for a refund or other remedy.
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