- #1677152don021 April 23, 2018 at 12:40 pm
A cashless society is proposed to help business, not the public.Not everyone has a computer, so how will they pay their accounts? I can sit having breakfast and write cheques to pay accounts, post them on the way to the supermarket. Easy. Business just want to save time, money, by not having to do banking.#1677155jennifer128355 April 23, 2018 at 12:58 pm
Well Don, I can’t think your reason of thinking, sorry. In the USA one has to have a C/C, just to have a credit rating to even buy a house. Having been away for so long, how is credid rating in NZ?
That’s the only reason why I have credit cards. Build my credit up and can apply for any thing I may need.#1677156jennifer128355 April 23, 2018 at 1:06 pm
Just an example, I replaced, last May, all four large appliances in kitchen…..interest free if paid with 18 months…. I owe $150….WINNER! One has to know how to use the C/C!#1677161don021 April 23, 2018 at 1:17 pm
Jennifer, nice to know somebody does well with a credit card, I do not live in the States so do not live, or pay, by their standards. There are good buys out there without a credit card, for instance last Thursday I went into a new appliance store for a look around, was surprised to see the good prices for appliances on sale. I bought a new electric razor marked on the box, $99.95. I bought it for $64. without a credit card. So I did not help the money export to Australia, as you did.#1677163jennifer128355 April 23, 2018 at 1:53 pm
Sounds like a deal to me Don. Good one! Just keep watching those deals. Anytime I get coupons, its not what I need. By the time I need them, its expired! It’s just the way is. Hey! good song! hahaha
#1677200halcyonMemberMember since: May 4, 2014
- This reply was modified 6 months ago by jennifer128355.
Replies: 4568halcyon April 23, 2018 at 5:20 pm
Credit card use appears to be required by the business community don021. The only reason I use a credit card is when buying on line. Even with the vendor paying the bank fees they can still undersell the local stores.
And Jennifer makes a good point. The wife and I purchased electric bikes on credit cards. We paid the cash price for the bikes and paid them off over 36 months interest free. That was a saving. Our local store charges around 15% per annum on the outstanding balance, and I have ne doubt they borrow the money off-shore too. Until NZ has a good savings plan and there is money available for loan, we are tied to offshore banks.
There are 10 types of people. Those who understand binary and those who don't#1677299jensMemberMember since: May 3, 2006
Replies: 7365jens April 24, 2018 at 10:26 am
halcyon, the wisdom in your last sentence contains the solution of any economic problem bothering the country or any of us.
Can anyone disagree ? If so, please explain.#1677307halcyonMemberMember since: May 4, 2014
Replies: 4568halcyon April 24, 2018 at 11:47 am
Actually jens, That last paragraph is an error. What is the point of savings when we move to a cashless society. Sweden is currently making the move to a cashless society. Their Central Bank also moving to a minus cash rate. That means citizens either have to spend their money or lose it slowly.
While interest rates are low people can benefit by being in debt. However, while that is beneficial for the individual it is not good for the country.
There are 10 types of people. Those who understand binary and those who don't#1677318don021 April 24, 2018 at 1:06 pm
halcyon, I am very pleased I do not live in Sweden, good old Kiwiland will do me. But while I am a firm believer in saving, I see no need for a Gov’t. scheme, there are many ways for individuals to save, primarily of course, don’t spend so much on non essentials.#1677465jensMemberMember since: May 3, 2006
Replies: 7365jens April 25, 2018 at 9:15 pm
halcyon – a “cashless society” does not alter the basics of economics, and a lot of us are relatively cashless already.
For years now I have not had more than say $200.- in my purse, as my income comes into my bank account and I pay nearly everything by cheque or credit card.
I still have savings accounts by bank transfers from a “current account” to interest bearing “investment” or savings accounts, so nothing has changed in principle.
And dono21, the savings contributions into the NZ Super Fund ensure, that even the poorest welfare beneficiary participates in the savings effort for the common good of good NZ Super entitlement from age 65, and those more ambitious about their retirement prosperity are free to initiate their own retirement capital creation and accumulation through their own entrepreneurship or Kiwi Saving.
The “cashless” society will still operate with monetary values.
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