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  • Category: Miscellaneous

    Are people prone to spend more in cashless mode?

    The recent bank note crisis has curbed expenditure to some extent which is likely to result in some savings on the part of the individuals. However, in the case of those who were used to transact in cashless mode are not likely to be affected much. Further, the prevailing scenario has compelled many to switch over to the cashless transaction mode.

    Is it true that people are prone to spend more in cashless mode? In case it is so, then instead of savings, the people are likely to splurge more and thus deplete their savings.

    Do you tend to spend more while using cards for payment?
  • #585192
    What I feel that only the dire necessity arise, we have to go for cashless transactions otherwise manage the things with great austerity. The more we rush to the new technology, the more problems we face and thus the switch over must be hassle free and without any problem. I am sure once the ATM's are back in functioning the situation would ease and we are again to cash transactions. Meanwhile I am holding important payments as I doubt transactions through plastic cards are not safe and secure. But when the situation totally demands that we should change, then it applies to me too.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585209
    If one is going for a planned shopping and buy things as pr their priority and utility, the chances of overspending are less.
    Use of debit card or other wallets mode has its own limitation and one cannot draw beyond the balance available in the related accounts.
    However if one uses credit card and does impulse shopping then there is chance of overspending. It can even lead to debt traps if one is not careful in planning and following repayment too.
    Most people learn the tricks of trade by one or two cycles and become wise after getting overdue charges and extra interest charged.

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