Credit And Debit Cards

Credit and debit cards have greatly increased consumer
purchasing power In the past banks were closed on weekends and
you needed cash or a check with an indentification document to
make a purchase That was before the plastic was created Now
with credit and debit cards being accepted almost everywhere
there is no need to carry cash or write a check
Credit cards were first used in the 1950’s and were called diner
cards These cards (mostly owned by the wealthy) could only be
used (with a letter of credit from the bank) at a selected group
of restaurants What began as a luxury only wealthy could afford
has turned into a global phenomenon Debit cards did not come
into the picture until the 1970’s and only recently have become
popular Today, majority of the Americans own and carry a credit
and/or debit card and has become a preferred way of spending
Now consumers are using credit and/or debit cards to buy
anything under sun – ranging from furniture, electronics, and
automobiles to something as small as a candy bar
Another reason why consumers are choosing to use credit and/or
debit cards is the extra protection (not needing to carry cash
anymore) and being able to itemize everything easily at the end
of the month Also, what makes credit and/or debit cards an
attractive way of spending is the fact that consumers can make
purchases anytime anywhere without having to worry about banks
closings
Granted credit and debit cards are great and have opened a whole
new world for us as far as our purchasing power, we should use
these cards responsibly and avoid running into debt Consumer
debt is bad It is okay to put everything on credit cards as
long as you pay it off each month Once you are in a debt slump,
“Un-slumping” yourself is not easily done

Tags | automobiles, bar, cards, consumer, consumers, credit, debit, debt, phenomenon, power, purchasing, restaurants, result, slump, sun