Credit Cards : An Everyday Financial Tool For Us

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ABSTRACT Credit Cards have become an everyday financial tool for us here in the US and around the owrld. This simple plastic card comes with it a host of benefits, rewards, and dangers. The credit card authorizes the holder to charge goods and services that they will later be billed for. The credit card came into being in the 1920’s when hotels and gas companies made them available to customers for use in their establishments. Next, in 1950 the Diners’ Club, Inc. card was introduced which allowed for customers to use the card at a variety of businesses. Then in 1958 the American Express Company offered a card that billed its customers on a periodic basis, usually monthly and also charged an annual fee for its use of credit and…show more content…
Why do seemingly normal intelligent and responsible people lose control when using credit? There are many reasons. Credit cards have been around for alot longer than many of us have realized but as credit and the rules and marketing of revolving credit has evolved so have the problems associated with this type of credit. As early as the 1960”s psychologists started recognizing and studying the effect of the credit card on the human psyche and on spending and as we continue to evolve so have the tests and studies. INTRODUCTION CC WHAT IS IT HISTORY In 2008 2009 there were huge amounts of credit card debt and overall debt incurred because of the financial crisis that was going on in the united states and worldwide but since then and since the credit card billing Act of 2009 more aware of how revolving credit works . They know that if they only make a minimum payment it may take them 30 years to pay off their credit card they know that interest rates can change at any given time we are aware of what the penalties are more much more enlightened than say in 2004 when Dateline interview with credit card owners that had no idea that we could change and didn’t understand what a minimum payment was and we are more enlightened and credit cards seems to be declining with the Millennials and and younger people however there is still there is still this undeniable drive that people
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