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...
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