Credit cards are one of the financial industry’s success stories over the last half century, going from strength to strength since the first general purpose card was invented by Joseph P. Williams of the Bank of America in 1958. Since then, the number of cards issued has risen dramatically, and now most adults carry at least one card, with an increasing number of people carrying several.
There’s no doubt that plastic can be a great convenience, making it easier to shop online, by mail order, and by telephone. They remove the need to carry cash beyond small change, and despite some scare stories they are actually more secure than cash, and offer more guarantees should you receive faulty goods or bad service paid for with the card.
However, it’s also widely accepted that credit cards have a serious dark side, although you might perhaps not know that by looking at card issuer advertising and marketing materials. Unfortunately, it’s all too easy to rack up debts on your card account with little to show for the money you’ve spent. The interest rates charged on these debts can be among the highest in the credit industry, and real problems...
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