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Introduction to Plastic Money Plastic money or polymer money, made out of plastic,
is a new and easier way of paying for goods and services. Plastic money was
introduced in the 1950s and is now an essential form of ready money which reduces
the risk of handlings a huge amount of cash. It includes Debit cards, ATMs, smart
cards, etc. Credit cards, variants of plastic money, are used as substitutes for
currency. MEANING Plastic money refers to credit cards, we use them whenever we
want and pay later (with interest, of course). It makes it too easy for us to buy
things we normally could not afford, which makes it easier to get into debt.
DEFINITION A slang phrase for credit cards, especially when such cards used to make
purchases. The "plastic" portion of this term refers to the plastic construction of
credit cards, as opposed to paper and metal of currency. The money" portion is an
erroneous reference to credit cards as a form of money, which they are not.
Although credit cards do facilitate transactions, because they are a liability
rather than an asset, they are not money and not part of the economy's money supply