Dr Oz: Could Cash Versus Credit Affect Your Health?
Do you think cash versus credit could have an effect on your health? Do you primarily use your credit or debit cards, or do you constantly carry around cash with you? Dr Oz reported that the average household credit card debt in the U.S. is $15,063. According to Dr Oz, we’ve become a “cashless” society, which is why he wanted to find out how the type of money you use, can affect your health. If your waistline is expanding, how you’re paying for your food, could be to blame.
Dr Oz: Spending Habits, Cash Vs Credit
To test his idea, Dr Oz conducted a social experiment where he gave three women $20 in cash and three women a credit card, then followed them to lunch to see what they would buy, and how much. Dean, a producer for The Dr Oz Show, explained that the women who were given credit cards, had an unlimited amount of money to spend.
One of the women who was given cash went for the salad bar, seeing that it was a little over $9 per pound, while the other two woman went to the hot bar that also used a scale to determine how much they would pay.
Then, Dean gave three women credit cards, and one went and ordered “a sandwich of sorts” showing that she didn’t even know what she was getting. The second woman created her own dish, piling on the ingredients, although they were healthy ones. The third woman picked up a pre-made salad, a vegan brownie, and tea, as well as a few other snacks, totalling seven items.
Dr Oz: Spending More With Credit Cards?
Dr Oz was then joined on set by all six women and the food they bought for lunch. One woman, who was given cash, expressed that she knew she only had a set amount so she didn’t want to go over that. She also knew that she had to go a little lighter with her ingredients, so her choices were healthy, but she was certainly limited. The woman who was given a credit card and bought seven things said she knew she could get whatever she wanted so she tried some new things.
Dr Oz revealed that the cash group spent $35 total between the three of them. Team credit spent $93, which is three times more! He then explained that studies have shown those with credit cards with spend $40 more on unhealthy food than those who pay with cash.
Dr Oz was then joined by Lynnette Khalfani-Cox, a financial expert, explained that if you have cash, you’re thinking about your limitations. It’s all psychological. When you have a credit card, it involves a lot less thinking and a lot more of “I’ll think or worry about that later.”
Dr Oz: Break Your Credit Card Habit
To break your credit habit and get back on track to good health, go cash only. Plan your purchases and take a set amount of cash to avoid overspending. Also, only shop once a week. It helps with budgeting and impulse purchases. Third, shop with a calculator. You want to be sure your purchases add up to less than the cash you have on you.
Do you carry cash with you wherever you go or do you only use credit cards?