Most of us can’t remember a time when credit cards weren’t a part of our wallets.
Remember the Diner’s Club card?
Credit cards actually go back to the 1920’s when gas station attendants wanted to provide a system of payment for the increasing amount of automobiles on the roads. The first cards were made out of card stock making them easy to counterfeit but as is the case with every good idea, evolution took over.
As of this year, of the households who have a credit card balance, the average amount of debt is $15,956 per household which equals total outstanding balances of $609.8 billion nationwide.