I could hardly imagine how some would have lived with it !?
Not so long ago, there were no credit cards, and that's how I grew up. Cash on the line, or if you had to borrow it would be from a bank for a home mortgage or a business loan.
I remember the first credit card my mother had, in 1960, for a local department store. Then, there was pride in buying on the store's card, and pride in making the payments.
I remember my first credit card in 1970. Again, for a department store. By then, the credit card industry had become more sophisticated, but, it was no way near what it is today. In a way, these early credit cards served the same purpose as lay-away plans, except that you got to take the merchandise home before you paid for it.
Credit cards, then, were not like what Visa and MasterCard are today. You had a card for a specific store, with no magnetic strip involved, because there was no such technology. It was more like a personal bill of credit with a local merchant.
I don't know where you're coming from with this question, but it's a good one.
I currently dont use credit cards and havnt for years and my bf doesnt believe in credit cards eithor....
Actually, we went for a year without a credit card, and did just fine using our debit cards, only. It made us consider every purchase carefully. We have cards, now, but we are very careful with them.
Have not owned or used one for 7 years and am writing a long and lengthy Hub about it.
Given the use of most items over time, with general consumption, the public accepts it as the 'norm'.
What surprises most folk, is how much they save when they no longer use or even own, a credit card.
Credit cards are evil. Our government keeps bitching about the debt ceiling, but could give a crap less about how much debt has been created by banks charging their cardholders out the ass for interest rates and fees. They are attempting to do something about it, but, they are giving the card companies time to raise their rates in the process, and will not ask them to lower those rates when the new laws take effect.
The Government let the credit card industry get too big, and let it get away with too much. I had a few credit cards, and I am now in debt to only one. I won't ever apply for another one. It is just a huge waste of money. They should all be banned. Banks have become very good at socking their customers with fees, and pretty much stealing their money from under them.
I see us going back to the days of people keeping their money in a safe in the wall, or inside of a mattress. Putting money in the bank just isn't as easy of a decision as it was 40 years ago. The trust is gone.
People have been living centuries without credit cards. All the advancement in technology happened before credit cards were used.
But it is also true to say that credit cards have changed the lives of people. For some they got facilities, others are sinking in debt.
I often use debit card than credit card. I don't want to have a lot of debt and I would rather this was taken from my savings. So, debit card is my choice.
People might actually have to live within their means if credit cards weren't so easy to get. And they'd save on clothing buying because "money" wouldn't burn such big holes in their pockets!
I only started using plastic money (credit/debit/gift cards) less then 10 years ago. Before, I used only cash. I found out that I'm saving more with cards then with cash.
I know that for majority of people things are the other way around but for me is different. When I have cash in my pocket I have money and I tend to spend it faster. For me No cash equals No money.
I've 2 credit cards, one visa and one master which I managed well. I use credit card just for the convenience sake and enjoy the card benefits that offered. To me, if the plastic card is no longer exist, life is as usual for me.
I also grew up without credit cards. I now use a debit card, and also use a credit card-- especially when traveling. It is convenient because it is accepted almost anywhere, and you get a detailed record of your spending.
I never leave a balance; always pay the whole thing each month.
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