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How Did People Pay
Before Credit Cards

 



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In this episode of Money Creation Explained we are going to cover How Did People Pay Before Credit Cards?

Before credit cards, almost all consumer and business purchases were paid with cash, checks, and IOUís (I Owe You). By the early 1900ís some businesses issued credit in an IOU form that was tracked in a paper ledger and due at the end of the billing month. In the early 1920ís, gasoline cards were introduced which could only be used for a specific brand or geographic area. By the 1950ís early form of credit cards got introduced where cards could be used anywhere in the merchant network. Transactions were documented with paper forms and copies, and security was an issue because paper forms could get lost, forged, or altered during processing. Credit cards entered the mainstream with widespread acceptance in the 1960ís. As the years passed, technology and the credit card systems improved.

Before credit cards, people made wiser decisions with their money and were also able to save more. This was due to the fact that every time a purchase was made, real money needed to be exchanged; cash and checks which represent funds being deducted from a personís bank account so people were trained to make wiser purchases. After credit cards became the norm, people got lines of credit that represent money that could be paid back later. For someone who is good with finances, credit cards are a good option, but for people that lack financial skills, credit cards are the easiest way for them to fall into and stay in debt. Credit Cards have high interest rates up to 29% APR (Annual Percentage Rate) plus late and other fees.

An alternative to credit cards are IOU Notes which is a peer-to-peer credit and loan platform. It is not based on a person's traditional credit score (FICO), but rather on their IOU Credit Report and their ability to pay back others. Every user on the IOU Notes platform can decide who to give credit and/or lend to, how much and the terms (1- 24 months) and (0% - 5% interest rate).

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