Credit in a Money World

It is hard to imagine a world without credit or credit cards. Credit makes our world go round, makes global commerce possible, and presents for consumers a tantalizing array of options never available to their ancestors. Rarely do people, especially the younger generation, have the economic capacity to pay cash for a home. Or even if they do, they opt for mortgage payments because of the tax benefits they receive. Although credit cards have been around for less than half a century, in that time they have transformed the way in which consumers operate.