by NationalLink Inc.
As the holiday season approaches, people are getting ready to spoil themselves, their loved ones, and their friends. It is a time to purchase candies for trick-or-treaters, delectable dishes and spreads for the Thanksgiving table, toys, electronics, and clothes to wrap and place under the Christmas tree.
It is also the season to accumulate debt. Market Watch reports that the average American took on $1,054 in debt during Christmas, 2017. While some expect to pay off that debt in 3 months, 29% said it would take them up to 5 months to pay it off. Furthermore, 10% said they would only be able to make the minimum payments, taking almost 5 years to squash their added debt. Interest also becomes a factor for the majority of consumers. With credit card interest rates going as high as 22.99%, this could mean hundreds of dollars tacked onto your balance.
HOW TO Avoid going into Debt During the Holidays?
Withdraw Cash Wednesday is a campaign that promotes the use of cash: If consumers withdraw cash on Wednesdays, they will have the money they need for the weekend. Carrying physical money is a proven way for consumers to budget themselves; Cash in hand means consumers can monitor their spending far easier than with a credit or debit cards.
Withdrawing cash the Wednesday before Thanksgiving also prepares customers for Black Friday and Small Business Saturday. With cash in hand, transactions are quicker and easier, meaning consumers can rush to the next sale and beat the crowds. Cash savvy consumers also avoid interest rates and convenience fees, meaning the money they spend doesn’t cost more in the end.
How do Business Benefit from Withdraw Cash Wednesday and other cash promoting iniatives?
Withdraw Cash Wednesday also supports businesses of all types and sizes. When consumers withdraw cash from the ATM at your location, you generate passive income. Cash toting customers are also more likely to make purchases. Cash transactions are not only quicker, they eliminate credit card fees. This means you retain more of your profits while increasing customer satisfaction.
NationalLink is the largest ATM processor in the Western United States and has over 16,000 ATMs nationwide. We understand the benefits of cash. This is why we sponsor Withdraw Cash Wednesday; because it is the best way to support both businesses and consumers alike.
It’s easy to get caught up in the spirit of giving during the holiday. However, giving does not have to equal overspending. Participate in Withdraw Cash Wednesday to promote businesses and consumers alike!