Should The World Be Today If There Was No Debt - 1281 Words

How would the world be today if there was no debt? Would things be better in the economy? The answer to this question is yes. Now, debt in the world has become a huge problem for the U.S. In the year of 1946, the first step into a world with debt would begin. This new creation would be the beginning of debt in the world. The invention of the credit card was a blessing, and also a curse for many. This invention would also be a huge breakthrough in how things were paid for. This one simple card would make things more convenient and quicker for Americans to purchase necessities. The credit was created only 69 years ago. There have been many changed made to these cards throughout the years. Today, many Americans are grateful for the credit†¦show more content†¦Many people today get carried away with using their credit cards. The negative effect to this is the amount of debt that can be added up to one person. Tim Chen tells us that in 2015, the average credit card debt for a household consumer is over $16,000. Many Americans today love traveling. Cards back then were only to be used locally. In the world today, it does not matter if we are out of town or in our hometown, we are able to use our cards wherever we please. When the first card was made, and for a while after, the card could only be used locally. Woosley and Gensen also mention that the holder of the card also had to have an account at Biggins bank. If he or she did not have an account with this particular bank, they did not have a Charg-It card. The purpose for this card was to be able to buy products and pay for them later. People who did not have the money at the time of purchasing the goods he or she needed, could purchase the necessities if he or she agreed to pay for them later. The merchant would record the prices and the debts would be in a certain amount of time. The Charg-It card was a great addition to the world, but it was not the only card created at the time. The Diner’s Club card was the first universal credit card in the U.S. A man by the name of Frank McNamara is the founder of the Diner’s Club card. Tbe holder of a Diner’s card was able to dine at any restaurant that participated in the Diner’s Club, and he or she could purchase a