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Invention of Credit in America
Retail stores and oil companies started issuing credit cards during the 1920s, but they were single-party cards issued by merchants who saw them as a way to sell more goods and services. -
Credit Unions Expand
By 1952, the number of federal credit unions grows to nearly 6,000 with more than 2.8 million members. -
Revolving Credit is Adopted
In 1958, most credit card issuers began allowing revolving credit, which meant that credit cards didn’t have to be paid off in full each month. -
Fair Credit Reporting Act Is Passed
In 1970, the Fair Credit Reporting Act (FCRA) was passed. This required credit bureaus to make their information public and remove any data that may cause discrimination, such as race, sexuality and disability. -
Credit Score is Created
The three major credit agencies partnered with a technology company, Fair Isaac and Company (FICO) to create a credit score, and in 1989, the first FICO Score for general use was introduced. -
Credit Debt Today
Today Americans’ total credit card balance is $1.142 trillion in the second quarter of 2024, according to the latest consumer debt data from the Federal Reserve Bank of New York. That’s up from $1.115 trillion in the first quarter of 2024 and is the highest balance since the New York Fed began tracking in 1999.