Credit and Society

Credit and Society - [1] Credit: How it has impacted...

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[1] Credit: How it has impacted society. Now that we have a pretty good idea where credit and credit cards have evolved from, I’d like to take some time to discuss the impact that credit has had on our society. Credit and credit cards have changed dramatically over the years. In fact, “Credit cards were not always been made of plastic. There have been credit tokens made from metal coins, metal plates, and celluloid, metal, fiber, paper, and now mostly plastic cards.” (Bellis 1). “Credit cards weren’t accepted everywhere (and definitely not at fast food places or grocery stores, where it was only cash or checks), and if you had to make a major purchase you saved up for it.” (Erb 1). When I was young, my mom used to do lay- away. She would make a payment each week on her merchandise and when it was paid off, she would receive the merchandise. “Before the credit card took hold, Americans had limited access to money. If you wanted to buy a refrigerator, you had few choices but to save up in advance or head to a finance company or your local bank or S&L to apply for an installment loan. It was an off-putting, intimidating and cumbersome process.” (Schwanhausser 1). “Early on, people used credit cards responsibly. But soon habits changed. Credit cards came to be marketed to a younger crowd; almost all college students now have one, even if they lack a steady income. People were given much higher credit limits, and monthly payments were reduced dramatically. This helped feed a culture of
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This note was uploaded on 07/21/2010 for the course STAT 100 taught by Professor Unknown during the Spring '10 term at DeVry Phoenix.

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Credit and Society - [1] Credit: How it has impacted...

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