Credit – and by association the credit card – has become a cornerstone of the American way of life. Each American household is estimated to have among them at least 10 credit cards, not counting charge cards or house cards, and carries an average of $13,000 in credit card debt. This is however not a recent phenomenon.
It was only inevitable that Americans would invent the credit card. Americans have always been comfortable about using credit. The Europeans who started colonizing America in the 1600s came from countries that had put aside old prejudices about borrowing and lending, and the new attitudes toward credit were transplanted on North American soil.
Americans have also always needed credit: borrowing to buy land, to establish a business, to travel west in pursuit of valuable animal furs or in search of precious metals. Others went into debt in order to get to America in the first place as the colonies indentured servants did or stumbled into debt, and were released by royal decree to join English general James Oglethorpe in establishing the colony of Georgia.
By 1800 the United States was an independent nation, with debt being a way of...
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