Thoughts on Money Belts

The first couple times I went oversees I was utterly terrified of having my money stolen. So I was one of those people, with the giant money belt, holding onto all my important documents and money in a giant sweaty mess under my clothes. It is true I never once got pickpocketed. Hooooray!
To be honest with you it was widely uncomfortable and I kept thinking the whole time, about the locals. They aren’t wearing money belts they all just have wallets and purses. So why do I have this monstrous pocket strapped to me?
Pros of Money Belts:

• They are great for keeping your passport safe.
•  If you are traveling with travelers checks  it is a good way to ensure you have your funds are safe.
• These are also great if you happen to be traveling to a lot of heavy tourist areas. Tourist areas = lots of pick pockets. That doesn’t mean avoid seeing the things you want to see, just be vigilant.

Cons of Money Belts:

• They are uncomfortable no matter which way you look at it. Especially if its hot out.
• If it is hot out all your documents and money get soupy, so you are quite possibly going to be handing over a very sweaty 10 euro note to your barista.
• You have to practically flash people to get your money out.
• Wearing a money belt does tend to flag you as a tourist, which can often mean lesser treatment and or targeting for theft.

My solutions are pretty simple. I tend to travel off season, so most tourists areas I am visiting aren’t all that crowded and I am very careful about protecting my passport. I also always have several photo copies saved in various parts of where ever I am staying. This doesn’t mean if your passport gets stolen you will be able to get back on that plane and go home. This just means you have some proof of having held a US Passport and the reissue process in a foreign country will be easier. Not easy, but easier.
I also don’t tend to carry a lot of cash on me. I know that I could probably save money by being careful about where I exchange my money. But the hassle isn’t worth it to me, I know this about myself and for me it works. So instead I just carry my debit and credit card and pull out cash at local ATM’s a few times over the course of the trip. Then put larger purchases like lodging costs, and rental cars on my credit card.
Question:
Do you use a money belt? Have you ever had a run in with a pickpocket?