What percentage of your monthly spending do you pay with (a) cash, (b) check, (c

Question

What percentage of your monthly spending do you pay with (a) cash, (b) check, (c) credit card, or (d) automatic transfers?

How do you pay off the credit card balance? How does your use of cash compare with the composition of the money supply (refer to the figure below)?

What percentage of your monthly spending do you pay with (a) cash, (b) check, (c) credit card, or (d) automatic transfers? How do you pay off the credit card balance? How does your use of cash compare with the composition of the money supply (refer to the figure below)?

Explanation / Answer

The following are the details of monthly expenses in various forms Payment made:

(a) cash = 15%

b) check = 5%

(c) credit card = 50%

(d) automatic transfers? = 30%

The credit card balance is usually paid off using automatic transfers or online transfers. The use of cash is getting decreased these days in accordance with the composition of money supply since these are the days of recession and finding a high paying job is getting more and more difficult. In order to overcome the existing cash crunch credit cards are the only options left to do our purchases.

In the coming days the usage of cash will still get reduced.

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