Confession: I hate carrying and spending cash. Always have. I like the convenience of putting everything on one credit card, being able to have an instant record of my spending, and (of course) earning 1 percent cash back. I’m not prone to impulse purchases, and I’ve always paid my bill in full and on time. But Derek Thomas has a provocative article in The Atlantic on the downsides of our becoming a cashless society.
Thomas writes: “In the 1970s, fewer than 20 percent of the adult population owned a credit card. Today, between 70 and 80 percent of the adult population does.” So what? Thomas goes on to argue: