Charge!

Forget about the politics of credit card reform for a moment and ponder this – the average American household carrying credit cards (about 90 million in total) has an average debt load of more than $10,500.

That amazing stat, courtesy of CardTrak.com, was included in USA Today’s excellent 4-part series last month on “The Credit Trap”, coinciding with the passage of the Credit Card Accountability, Responsibility and Disclosure Act.

As a nation, how did we get here and what happens next?  I’ll leave that to the economists to figure out.  But for a visual review of the history of the credit card, you can do worse than The Big Money’s Plastic Flashback.

Check out the humble origins of the Diners’ Club Card a scant 60 years ago and see what this invention has wrought.

Frank McNamara, co-founder of the Diners' Club Card

Frank McNamara, co-founder of the Diners' Club Card

Poor Frank McNamara would be rolling over in his grave if he realized what one forgotten wallet would someday do to the world economy.

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~ by acm213 on June 6, 2009.

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