"The only slightly convincing pro-cash argument concerns paper money’s power to keep your spending in check. “Walk into a casino with three C-notes and you know you could lose, at most, $300,” Wolman writes. “Walk into a casino with a credit card and you could lose your house.” Wolman cites a raft of psychological research that shows that people treat physical money more reverently than they do virtual money. College students will steal their roommates’ Coke from the fridge, but they won’t steal dollar bills. When offered a reward for answering quiz questions correctly, people tend to cheat more when they’re offered noncash prizes than when they’re given greenbacks. People don’t remember credit card purchases as well as they do cash purchases, a form of amnesia that makes budgeting more difficult."
#money
#slate
#C.R.E.A.M
#all about the benjamins
#finance
#banking
#finance2.0
#consumption
#psychology
