There has been an explosion of ways to pay our bills and to transfer money between accounts. Before computers, we used to look for our checkbook and pen. Write a check. Find an envelope and address it. Search for a stamp and mail it. When computers came along, we transferred money electronically by ETF, electronic funds transfer. Credit and debit cards also became common ways to pay bills. A debit card is like writing a check; money is taken directly from your checking account. A credit card is like taking a loan. We pay the loan back at the end of a short period, or we carry the balance forward and pay interest.
When computers and the internet became common, we didn’t even have to physically present our credit and debit cards or write a check. Type in the numbers, and we could make purchases online. Paying debts via computer and the internet is now the normal way to purchase goods and services and not the exception.
Consumers can now pay all types of debt and conduct nearly all of…
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