Thursday, September 18, 2008

The Credit Card is 50 today

On September 18 1958, Bank of America officially launched its first credit cards in Fresno California. These BankAmericards (now known by their more popular brand name of 'Visa') propelled us into the consumer economy by giving normal people instant access to finances they didn't actually have.

And now sitting on the edge of a global recession, promoted in-part by reckless consumer spending, you have to wonder with hindsight.... was it really such a good idea?
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