{"id":5621,"date":"2018-02-08T17:31:42","date_gmt":"2018-02-08T22:31:42","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=5621"},"modified":"2021-09-30T10:58:37","modified_gmt":"2021-09-30T14:58:37","slug":"cash-or-credit-what-do-you-prefer","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/cash-or-credit-what-do-you-prefer\/","title":{"rendered":"Cash or Credit, What do You Prefer?"},"content":{"rendered":"<p><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-5622 aligncenter\" src=\"https:\/\/goday.ca\/blog\/wp-content\/uploads\/2018\/02\/goday27-300x185.jpg\" alt=\"\" width=\"300\" height=\"185\" \/><\/p>\n<p>When it comes to your finances and how you spend and save your money, everyone is different. Some people are cash only kind of people, whereas other use their <a href=\"https:\/\/goday.ca\/blog\/using-credit-card-rewards-to-save\/\">credit cards for all their purchases<\/a>. It comes down to how you manage your money and if cash only helps you keep track better, or if you prefer to use cards for the rewards systems to help you save on other things. We break down the pros and cons of both cash and cards and explain why millennials are moving more towards a cash mindset.<\/p>\n<p>According to a Bankrate.com survey, just one out of three millennials carries plastic compared to the majority of older Americans. In addition, the <a href=\"http:\/\/business.financialpost.com\/personal-finance\/debt\/millennials-are-ditching-credit-cards-and-its-threatening-the-entire-industry\">Financial Post<\/a> also reported that a Fed survey found that those in the 18 to 24 demographic preferred to pay cash compared to others. And if they do carry a card, it tends to be a prepaid or debit card.<\/p>\n<p>But why is this? According to the <a href=\"https:\/\/www.thestar.com\/business\/2018\/02\/27\/millennials-steering-clear-of-credit-cards-could-be-driven-by-debt-experts-suggest.html\" class=\"broken_link\">Toronto Star<\/a>, millennials are more likely than older generations to have student loans to pay, yes, debt.\u00a0 About 41 percent of those surveyed had student loans. That compares to, 26 percent for generation X; 13 percent for baby boomers; and 3 percent for the silent generation. And it\u2019s these financial obligations that could explain millennials\u2019 hesitance towards borrowing. Over time, those who have debt may never be as comfortable with credit cards and debt as previous generations have.<\/p>\n<p>Let\u2019s face it, we all dread that time of the month, when your\u00a0<a href=\"https:\/\/goday.ca\/blog\/i-forgot-to-pay-my-credit-card-bill\/\">credit card bill<\/a>\u00a0comes in and the shock of how much you\u2019ve\u00a0<a href=\"https:\/\/goday.ca\/blog\/using-your-credit-card-wisely\/\">spent this month<\/a>. Have you blown your budget? Are you now dipping into savings to pay off the balance? Are you paying the entire balance off? Or are you now accumulating interest? It\u2019s a revolving cycle and a very tough one to break, which is also a reason people stick to cash. According to a\u00a0<a href=\"http:\/\/globalnews.ca\/news\/1822207\/nearly-half-of-canadians-have-credit-card-debt-report-shows-heres-how-to-get-rid-of-it\/\">report released in 2015<\/a>, nearly half of all Canadian credit card holders (46 percent) are carrying credit card debt.<\/p>\n<p>But credit cards can have their perks as well; it\u2019s all about finding the right credit card for your finances. Things like cash back options, paying off your balance with the points you\u2019ve accumulated and different cardholder perks like travel insurance, etc. are all reasons that people use credit cards because you don\u2019t get cash back for spending cash.<\/p>\n<p>Whether you prefer cash or credit, it\u2019s all about how you manage your money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to your finances and how you spend and save your money, everyone is different. Some people are cash only kind of people, whereas other use their credit cards for all their purchases. It comes down to how you manage your money and if cash only helps you keep track better, or if [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5622,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[9,10,11],"tags":[364,530,531,535,675,1081,1148,1414,1613,1629],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Cash or Credit, What do You Prefer?<\/title>\r\n<meta name=\"description\" content=\"Cash or Credit, What do You Prefer?\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/goday.ca\/blog\/cash-or-credit-what-do-you-prefer\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Cash or Credit, What do You Prefer?\" \/>\r\n<meta property=\"og:description\" content=\"Cash or Credit, What do You Prefer?\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/goday.ca\/blog\/cash-or-credit-what-do-you-prefer\/\" \/>\r\n<meta property=\"og:site_name\" content=\"GoDay Cafe\" \/>\r\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/GoDay.ca\" \/>\r\n<meta property=\"article:published_time\" content=\"2018-02-08T22:31:42+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2021-09-30T14:58:37+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/goday.ca\/blog\/wp-content\/uploads\/2018\/02\/goday27.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"1\" \/>\r\n\t<meta property=\"og:image:height\" content=\"1\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"GoDay.ca Customer Education Team\" \/>\r\n<meta name=\"twitter:card\" 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