Just curious. How would life be like if credit cards were not invented?

Answer 1

cash and carry, nowhere near the national debt we have now, bankruptcies virtually eliminated, less stressed out people.

Answer 2

That's funny. My history professor was just telling us this past week how the invention of "credit" as a means of purchasing an item which we could not yet afford was one of the often-ignored key factors in the development of the Great Depression. But...it was also used to help bring us out of the Depression (in the form of home loans).

Sure, we can all think of people who would be better off financially if they didn't have access to credit cards. But, if these people are just irresponsible with money, they probably would be just as irresponsible had they never even heard of credit cards. They'd just be in debt to lots of friends, family members, and acquaintances. ;-)

Answer 3

Interesting question. I think that our economy would be a lot cooler, but perhaps savings would be higher and the economy more stable. Perhaps the idea of government debt might not be as accepted as it is now.
Prices might have been held lower and if costs hadn't risen, it would take less money to live, ala 1960's. But if costs had risen while buying power didn't, manufacturing and investment would move offshore. Wait-a-minute! That IS what's happened.

Answer 4

good question

prob. a lot less debt (although ppl should take at least some responsibility for what they do, not blame it on a piece of plastic)

some other effects include decreased consumer activity, national productivity, among other things

Answer 5

My parents got by just fine without them. Life would probably be much simpler.

Answer 6

Not as convenient, but there would be billions of dollars of debt erased. People would buy what they could afford - they would have no alternative.

Answer 7

Less complicated and people will not be spending beyond their means. People will have more self-control and not expect instant gratification.

Answer 8

I don't even wanna go back there. I'd have to carry actual cash on my person and I tend to spend it when I've got it.

Answer 9

We would have more money in the bank. Interest charges are enormous.

Answer 10

Maybe people would work harder and use their money more wisely..=)