I've been wondering. How did we get into this mess? Foreclosure and bankruptcy are rampant and it no longer carries any social stigma because everyone's doing it. But how did we get here...really?
What two little words changed history forever and could eventually lead to the complete fall of the American empire. What two little words that are causing America to self-destruct?
"Charge it."
There, I said it. How did it happen and which bank really started it all?
In 1958, one bank decided to offer the first official "Credit Card" that would allow cardholders to carry a balance and accrue interest on their purchases. This was different that existing "Charge Cards" that required payment in full at the end of every month with no interest charged. This card was introduced in California.
The bank that gave birth to this card?
Bank of America.
In 1965, Bank of America saw the potential for some great revenue and introduced it's BankAmericard Nationwide, expanding to the worldwide market in 1977 changing its name to Visa to remove the stigma of having "America" in its name. ironic that "America" was taken off the card as America began it's plunge into debt.
Today there are 576,400,000 credit cards in distribution in the United States. At the end of 2009, there was over $876 BILLION in credit card debt in the US.
Are credit cards causing the fall of America as we know it? I guess that's a little like saying guns kill people.
Come on, America. Exercise some self control. Stop acting like a two year old. Do you really need it all NOW, no matter what the cost?
I wonder what America would look like without credit cards. Maybe the new slogan could be "Don't lose your home...without it"
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