Credit cards have taken over the economic system. They have almost completely replaced cash as the primary form of currency. This device has the ability to purchase goods based on a promise to pay for those goods at a later time. The company that issues the card gives the holder a line of credit to borrow money or give a cash advance.
The modern credit card was first used in the 1920s specifically by the gasoline industry to sell fuel to automobile owners. In 1958 the first revolving credit card system was introduced. This worldwide network was developed by American Express and was the first time a monetary instrument issued by a third-party bank was accepted by a large number of merchants. Since then, these cards have become a vital component of America's economic system.
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Though this plastic money gives a user a valuable line of credit and a certain freedom in buying power, they can be a source of considerable problems for owners. Debt of this sort has been rising in America, pushing many people into bankruptcy. In 2010 the U.S. Census Bureau estimated that Americans have over $886 billion in credit card debt, a number that was expected to rise to $1.2 trillion in 2011.
The Census Bureau also estimated that each individual card holder has an average debt of $5,100 to $6,500 and the average household is estimated to have at least $15,000 worth of debt. Debt is obviously a growing phenomenon in American society. Recent studies have analyzed U.S. citizens' attitude about debt. Approximately 72 percent of the population believes that debt is now a part of life and is difficult for anyone to avoid and 66 percent say that debt is caused by unfortunate circumstances outside of a person's control.
Though many individuals have this kind of debt and are able to handle, sometimes the debt gets out of control. When debt gets out of hand and becomes uncontrollable, it can be a very stressful experience. Around 64 percent of Americans find these financial dues to be a serious area of concern and worry for them. The psychology of debt plays a crucial role in the financial system.
Many times, companies use this psychology to their advantage in order to make more money through the system. When debt starts causing major anxiety and cannot be contained, many people opt for bankruptcy to eliminate a significant portion of that debt. Though bankruptcy is not the right path for everyone to take, it may be a vital decision to make for some who are struggling with this form of debt. Bankruptcy laws vary from state to state, so any American considering filing for bankruptcy should be sure to be familiar with the laws in their state.
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