Post 1950-Life After the Advent of Credit Cards

A detailed Summary of Post 1950-Life After the Advent of Credit Cards

Post 1950- Life After the Advent of Credit Cards

Life has changed in many ways since the advent of the credit card. Since their inception into society in the early 1950's, credit cards have changed the way consumers approach purchasing goods, amass and pay off debt, and view the concept of interest. While not all for the good, the entire economy has changed because of this fairly new technology being introduced into society.

Credit cards have changed the buying habits of the average American consumer. For example, credit cards tend to make the customer more susceptible to buying on impulse. Anyone who has spent some time in an airport or hospital gift shop will attest to this argument. In these particular stores, there is al

Americans are now more familiar with the concept of interest as a result of use of credit cards. In the past, the one of the few times interest was dealt with was when a loan was being made through a bank or loan office. Now, because interest rates on credit cards are most likely higher and in some cases significantly higher than interest on a loan, consumers are exceedingly aware of interest rates. With most standard credit cards, there is a high rate of interest that the consumer is contracted to pay with each credit purchase. A smart consumer will keep this rate in mind when making his or her purchase, even with the chances of an impulse buy more likely with a credit card.

Thanks in large part to the credit card many Americans are in a great

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Approximate Word count = 506
Approximate Pages = 2 (250 words per page double spaced)

Category: Miscellaneous

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