The History of Media (The Beginning-1950 A.D.)

Credit Cards

      As many of us know today, many Americans are struggling to get out of debt. I, as a college student, know far more than I care to about the importance of staying on top of my spending. What is the main cause of this debt, you might ask yourself. It is the invention of the credit card. 

Today, for every man, woman, and child, there are 5 credit cards in the United States. Before this card was created people relied on cash and personal checks. They spent money that they had, and saved for things that they didn't.    
   Although the idea of "credit" has been used even before the use of money, the first credit card was invented by a man named Edward Bellamy in 1887.  He had the concept of a card that could be used to make purchases in a  book that he had written titled ‘Looking Backward’.  This was made a reality in the year 1950 by Frank X. McNamara.        
 The legend says that he created this after forgetting his money once at home and having to send his wife to bring it to him to avoid having to do dishes.  After this The Diners Club introduced what is now known the the very first general purpose credit card, but at the time the entire payment had to be made by each statement.  20,000 such cards were used throughout America during it’s first year after invention.  The company made its money in fees.      
  Thanks to the invention of the credit card people are amassing debt at an alarmingly fast rate.