But how did the credit card get started? The INNOVATION of credit started in the state of South Dakota. It was a way for farmers to be able to purchase the equipment needed to run their farms. And pay it back at a later date. But of course borrowing money from one to pay another must come with a price. Basically if someone needs money to purchase something when they don't have the funds readily available, that person i.e. Bank or Loan Company wants a PERCENTAGE of what you borrowed added in return. Also known as simple interest. And as this DISCOVERY emerged in other cities throughout the country, it soon became a CULTURAL UNIVERSAL; every SOCIETY became exposed to the credit card. Banks would impose a standard interest rate across the board. Making it easier for anyone to obtain a credit card. Thus allowing the Banks to make a profit off the money you borrow.
But not everyone felt the need to obtain a credit card; some feel if they do not have the money to buy something then they really don't need it. This posed a problem for the lending institutions. Therefore coming up with ideas set to attract the consumer in obtaining a credit card. Offering zero financing for 6 months if... [continues]
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