What You Didn’t Know About Credit Cards

The American population has developed different spending habits since the introduction of the credit card system. We, as consumers, are used to buying on credit and paying for it later, either the full amount or just the minimum. We know how to use them, but do we really know how they work and how this affects us as consumers?

The first credit card was introduced in 1958 by Bank of America. They sent 60,000 unsolicited credit cards to residents in Fresno, California.

The average American family has 8 credit cards.

The average American family has about $8,000 in credit card debt.

The “Universal Default Clause” allows a credit card company to raise its customer’s interest rate if they believe he/she represents a high risk to the company.

The “Universal Default Clause” can be applied to “risky” clients who fail to make a payment to another creditor or those who go over their credit limit.

If a customer’s credit card is stolen, and the thief uses the card to charge purchases, then the customer is only required to pay the credit card company up to $50.

Every American is entitled to a free copy of their credit report.

If you have any trouble with your credit card debt, US Financial Management can help you mitigate that burden by negotiating your debt.

Source: Frontline “Secret History of the Credit Card”.

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