On marketplace podcast today they were talking about checks still being used.
Yes, I still use checks. Maybe that makes me a dinosaur, but it is easier to keep your spending in "check" that way.
Checks put a damper on the velocity of spending! Credit card and debit card companies love the easy swipe of the card. People are less likely to "ease off the gas" if it is an easy swipe. In the age of immediacy brought on by computers, they are selling to the crowd.
I did the accounting for credit and debit cards for RAD. With every swipe there is a cha ching for the card companies. They are easier to use, but it is easier to over spend as well. And yes, it is a small amount that the merchant pays, but just like any fee, it adds up.
Sure, the retailer pays the fee, but ultimately it is easier for the consumer to spend! Not a good way to build wealth.
