Consumer debt: Are Americans dangerously overstretched?

Article Abstract:

The middle-class Americans are in debt, largely due to mortgage lending on residential housing, and the next economic recession could be devastating to families that already owe so much. State and Federal governments are not protecting consumers from abusive credit card and payday-lending practices, however proponents of consumer credit expansion argue that it has helped to democratize home ownership and accelerate present economic expansion.

Economic aspects, United States economic conditions, Americans

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Consumer debt: Credit card revolution

Article Abstract:

The first general-purpose bank card was introduced by Franklin National Bank in 1951, and in the later years, improved telecommunications and computers allowed banks and merchants to manage credit card debt more efficiently. Subsequently, credit reporting agencies (CRAs) began using a database to generate credit scores, which provided information about a borrower's ability to repay a loan, assess the risk and charge accordingly.

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Consumer debt: Installment credit

Article Abstract:

The expanded use of installment credit helped to bring the industrial and technological marvels such as cars, refrigerators and washing machines within the reach of middle-class Americans. Loan sharks and pawnbrokers were replaced by installment credit until the credit card revolution took hold.

All Other Plastics Product Manufacturing, Plastic Credit Cards, Usage, Credit cards

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