In the United States, the debt levels of Americans have continued to increase since the 1980s. It was during this time that the use of credit cards greatly increased. Credit cards companies begin looking for different ways to market their products to consumers, and used such things as direct mail, commercials, and other marketing tactics.
It was during the 1980s that consumers begin moving away from cash and checks into credit cards. The cause of this is often attributed to the start of the information age. As the use of computers became more widespread, credit cards quickly followed. It is estimated that the number of people using credit cards during this time surpassed those who were using checks and cash in a single year. The use of debit cards has grown tremendously since this time as well.
The rise of debit cards are a direct result of the problems seen with using credit cards. Statistics show that the average American consumer owes about $9,000 in credit card debt. Many people have made the mistake of thinking that they are using their own money when they use credit cards to make purchases. It is easy to forget that this money is owned by the credit card...
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