Exemplar Essay On The Money World To Write After

In the materialistic world that we live in today, money has become the center of our lives focus. It has become hard to ignore this commodity because everything comes with a price tag. Consequently, it has evolved throughout history and the paper money we use today is the modern day method of buying and selling. However, paper money is not the only means to make purchases. Ways to purchase items can further be classified into three categories; debit, credit, and cash.
As a result to make lives even more convenient for the modern day customer the idea of plastic money has been introduced by the financial sector. This is in the form of debit or credit cards issued by the banks. A debit card is an electronic payment card which is a handy and online means to access an individual’s bank account. People prefer to carry these because it eases them of the tension of carrying cash at all times. When making a payment, the cardholder simply hands over his/her debit card and the amount is directly deducted from the payees account. This payment method has become so common that in some countries it has overtaken cash and check transactions altogether. With debit cards, the individual only has access to the amount available in their bank account. The debit card can also be considered an ATM card where money can be withdrawn directly from the cardholder’s account and into the account of the authorized personnel from where the transaction originates.
Furthermore, another kind of money used for purchase is the credit card. Credit cards are what run the US economy, and this is also another form of plastic money. The significant difference between a credit card and debit card is that the amount available on a credit card can be greater than the sum in the payees bank account and is payable at a future date. Credit cards can be considered as a sort of loan that the cardholder is given and is due to him towards the bank. The bank agrees to pay the specified person at the time of the transaction and the payee then owes to the bank for paying on their behalf. Credit card debt has what initiated the 2008 economic downfall and if they are not controlled it can cause damage even in the future. Adding to the list of credit card characteristics, it is safe to say that a culture of consumerism has been encouraged because of this form of plastic or electronic money.
However, the more conventional way of making the purchase is on a cash basis. It still remains a common mode of making purchases. With the consumerism culture around us, it has become inconvenient to have the exact amount of cash required because we often overspend than we have planned. A person can only carry a limited amount of cash for security purposes and unlike cards which can be blocked in case of theft; cash cannot be recovered. Although there are still many developing countries which do not accept cards in all areas; therefore, it is essential to carry cash if people wish to make a transaction. Moreover, if a person carries cash, they may not overspend at all because they know they only have a limited amount in their pocket at a particular time.
In conclusion, the world is all about money today. It is no surprise that the financial sectors have given its customers all options of making purchases whether through cash, debit cards, or credit cards. Just like any other market has to adjust to customer expectations the money market has done the same. It has provided the customer with a means of paying for purchased products without any hassle. Be it cash, credit card or debit card, each mode of payment has its pros and cons.