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The History of Credit

Credit card consolidation can be a decisive move in the right direction. Too much debt from credit is nothing new in the lives of American consumers, however. Throughout America�s recent past, credit has grown from local merchants extending credit to their regular customers into a multibillion-dollar industry. Although the temptation of too much credit can lead to the need for programs, like credit card consolidation to help people better manage debt; credit has a rather interesting history.

In the 1920s, access to unlimited amounts of credit from banks and stores ultimately led to the Great Depression. It took an entire generation to recover and created many of today�s consumer and business protection measures, such as FDIC and social security. The modern system of credit began after World War II as merchant-specific accounts in local stores. Usually grocers, appliance stores or pharmacies offered credit to trusted customers as a way to keep their business during difficult times. In 1950, the Diner�s Club offered cards that could be used at participating restaurants. After 1950, credit card companies began to emerge, offering accounts that could pay for purchases at a variety of locations. Established in 1850 as a shipping company, American Express began issuing charge cards to consumers in 1958. That same year, the BankAmericard Company offered its credit card. In 1976, BankAmericard changed its name to Visa. This is not the only card to have its name changed. The MasterCharge card was changed to Mastercard in 1979. Sears offered the Discover Card in 1985. With no annual fee, consumers were very excited about this newest credit card.

With credit card accounts and the growth of national chain retailers, people�s shopping habits began to change. With a credit card, consolidation of purchases allowed consumers to buy a wider range of items more quickly than in the past. Credit that used to be reserved for major expenditures or emergencies is now used for many daily purchases. For example, Americans use credit and debit cards to purchase over 50 billion dollars in fast food each year. Not only did credit card companies change consumers� habits, they also affected merchants. Nowadays, most businesses accept credit cards as a standard form of payment. The advent of credit also formed new industries, like credit reporting agencies that track people�s credit histories. Because credit is now a part of most people�s financial lives, little thought goes into the development and history of credit and commerce. That is, until people find themselves in over their heads with too much credit card debt.

Credit card consolidation companies usually offer budgeting and money management resources to help people avoid making the same mistakes with their credit. Although the history of credit can be interesting, there is nothing interesting or entertaining about finding oneself in debt from credit cards. If you would like more information about how we can assist you with our credit card consolidation programs, please contact us toll free at 1-888-734-2570 or use our online contact form to request a hassle-free consultation with our skilled specialists.