CREDIT cards were first introduced to the public about 50 years ago, in 1959. With the introduction of credit cards, consumers were given new choices in how to pay for costly purchases that they had previously had to save for and pay in cash. Using credit cards allowed people to purchase goods without having sufficient funds immediately on hand, and without reaching new terms every time they wanted to purchase on credit.
Credit cards didn’t create credit; they just simplified the process of receiving credit and made credit available to many more individuals.
