was there credit use before credit cards???

Question

if you can pls explain your answer.

Answer 1

Yes, there were credits before credit cards. It was a loan (borrow money); the store manager/clerk write down your name, phone number, and the price you owe on their notebook. Then they tell you when you have to pay it back.

Answer 2

Yes, it started long before credit cards existed. Credit was common around small towns where the store owners usually knew their customers. The store would write down the amount of money a person owed them and have them pay it every month; like a bar tap. The idea was good because the person that needed something might not have money with them but could pay it off when they got their pay check.

Answer 3

Wow, you sound like an unusual teenager who's actual attentive to the which potential of reliable credit and financial accountability! there is not any longer something incorrect with having a mastercard as long as you pay off your bill each and each month in the previous interest and expenses kick in. it extremely is very perplexing for many individuals, residing interior of their potential. even with the undeniable fact that it sounds such as you're nicely on your thank you to fending off that elementary pitfall. What you're able to subject approximately is identity theft. you have somebody working up a great number of expenses on your call without you ever understanding approximately it in the previous significant injury is achieved. you're able to get a unfastened replica of your credit checklist from someplace like TransUnion or Experian (websearch their web content). That way, if somebody is doing that, you will see info of credit enjoying cards you on no account ordered or used. optimistically, that isn't the case. in any different case, do set up your credit via casting off loans you recognize you will pay. A pupil loan can help, or a mastercard with an exceedingly low cut back which you generally pay off. That way, once you want additional funds, creditors would be very happy to grant it you and additionally you will qualify for the backside expenses of interest, it extremely is somewhat significant. reliable good fortune and shop up the reliable artwork!

Answer 4

For individuals there has been credit for a long time. Its in the Bible, "Niether a lender nor a borrower be."
In Egypt farmers and merchants would be fronted (lent) the money for planting or other endevors and the lenders would get a share of the profits.
Lending to indivduals was limited as a middle class is a recent occurance. In the past you had surfs, indentured servants etc.
The expansion of the west saw expansion of credit, look at Bank of America and the history of lending in San Francisco.

Answer 5

Yes. Credit was always a part of the capitalist system. It's now evolved into a complex part of the monetary system.

Because of credit cards, so many resort to filing for bankruptcy.

Bankruptcy itself is not what it once was.

You can clean out your financial mess with bankruptcy and start fresh without too much against your record, and without losing everything.

Donald Trump did it twice.

So to answer your question, yes there were many forms of credit before they invented plastic credit cards.

Answer 6

Actually, before credit cards there were was more credit. People had accounts at the grocery store, clothing store, shoe store or anywhere they needed goods.

Answer 7

Yes,

Quite simply it was your word. ( local market, barber, etc. )

On larger purchases, Homes. Most banks would base it on the relationship you have with the bank. How well your known in the community, what kind of job you have etc.

Pretty basic. This would have been from about 1900 - 1940's

Answer 8

Yes--every small store offered credit. They had a book of receipts that was by family and as one purchased, they filled out a receipt. Eventually you paid up, or your credit was stopped. This was in the days when you did all your trading in a single town and even a single store.

Answer 9

When I was in high school...early 80s...there was this drug store my parents had an account with...if I needed something...all I had to do was go in and ask them to add it to my parent's account...once a month my parents would get a bill with the charges...as long as I did not buy something I did not need, they were cool with it. There was no card at all.

Answer 10

Yes, but that was back when people were more trustworthy.