When considering many of the inventions that we use regularly, the credit card is a relatively new idea; the first credit card that could be used at more than one merchant was issued in 1950. Frank McNamara started the ?Diner's Club? credit card company with about 200 card holders, and it was also the start of the vicious cycle many credit card users fall victim to: charging purchases when you don't have the cash to buy them, and then struggling to keep up with the monthly payments because of high interest rates and spending outside of your means.
The average credit card debt held by the typical American is over $8500. As any credit card holder knows, the interest on a credit card causes you to pay more than double the amount you've spent on the card, if you only View the rest of this article
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