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Are we moving to a cashless society

This topic contains 54 replies, has 12 voices, and was last updated by Profile photo of doug139124 doug139124 > 7 days ago.

Discussions Politics Are we moving to a cashless society

Viewing 10 posts - 11 through 20 (of 55 total)
  • #1677152
    Profile photo of don021don021
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    Member since: May 15, 2012
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    Replies: 1552
    don021

    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.

    #1677155
    Profile photo of jennifer128355jennifer128355
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    Member since: January 13, 2018
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    Replies: 259
    jennifer128355

    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.

    #1677156
    Profile photo of jennifer128355jennifer128355
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    Member since: January 13, 2018
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    jennifer128355

    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!

    #1677161
    Profile photo of don021don021
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    Member since: May 15, 2012
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    don021

    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.

    #1677163
    Profile photo of jennifer128355jennifer128355
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    Member since: January 13, 2018
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    jennifer128355

    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

    #1677200
    Profile photo of halcyonhalcyon
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    Member since: May 4, 2014
    Topics: 9
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    halcyon

    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.

    #1677299
    Profile photo of jensjens
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    Member since: May 3, 2006
    Topics: 22
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    jens

    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.

    #1677307
    Profile photo of halcyonhalcyon
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    Member since: May 4, 2014
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    halcyon

    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.

    #1677318
    Profile photo of don021don021
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    Member since: May 15, 2012
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    don021

    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.

    #1677465
    Profile photo of jensjens
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    Member since: May 3, 2006
    Topics: 22
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    jens

    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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