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Cash is dead Study indicates growing number of consumers prefer plastic Atlanta, GA

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Cash is dead: Study indicates growing number of consumers prefer plastic

Using cash to complete everyday transactions is quickly becoming a thing of the past for many of today’s consumers. Whether making a significant purchase or simply buying a cup of coffee, more and more people are turning to plastic instead of carrying around cold hard cash – particularly younger individuals. While this change in paying habits may simply be a sign of the times, individuals using credit cards nevertheless need to be wary as debt can quickly mount.

Despite the fact that credit cards have been around for decades, a recent survey has found that it is becoming more common for individuals to use cards for small purchases. Specifically, the survey, which was conducted by CreditCards.com, questioned nearly 1,000 individuals regarding their spending habits when it comes to making purchases of $5 or less.

The survey discovered that consumers ages 18-29 actually prefer to use plastic – including both credit and debit cards – over cash to make small purchases. Even though the preference for using cash increases with age, the survey still determined that roughly one-third of all respondents, regardless of age, favor the use of credit or debit cards for small purchases.

Credit card debt and bankruptcy

While credit cards are certainly convenient, these can also be quite dangerous if the cardholder does not manage debt properly. Fortunately, people struggling with credit card debt do have options available, such as filing bankruptcy.

Indeed, credit card debt is one of the leading causes of bankruptcy in the U.S. – and for good reason. An individual is typically able to discharge all unsecured credit card debt by filing Chapter 7 bankruptcy, meaning the debt is wiped out.

It is important to note, however, that individuals should avoid using credit cards during the months leading up to bankruptcy. In fact, if a person charges a large amount on “luxury goods or services” or takes out significant cash advances immediately before filing bankruptcy, the credit card company may attempt to claim these charges were made fraudulently and thus should not be discharged. Typically, expert legal guidance can help avoid these potential pitfalls.

Assistance is often needed during bankruptcy

Many people have little choice when it comes to reliance upon credit cards. For example, the loss of a job or an unexpected medical emergency can quickly result in a downward debt spiral for almost anyone.

Accordingly, if you need help dealing with insurmountable debt and need a fresh start, it is best to consult with an experienced bankruptcy attorney. A skilled attorney can examine the specifics of your financial circumstances and help explain your rights and choices.

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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