Cash or Card: Consumer Perceptions of Payment Modes - Scholarly ...

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Appendix 1: The Concept of Money- Background.
Credit cards have been characterised as having negative social effect. Among these are
stimulation of materialistic values and hedonism and creation of indebtmness among
consumers which may lead to anxiety and bankruptcy. Bell (1976) argues that previously one
had to save in order to buy. ‘But with credit cards one could indulge in instant gratification.
The system was transformed by mass production and mass consumption, by the creation of
new wants and new means of gratifying those wants’ (Bell, 1976, p. 21). Bell (1976) links
this to destruction of protestant work ethics through the invention of the instalment plan, or
instant credit. The author reasons that prior to the Second World War, people by and large