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I also believe that credit was much tighter back in the 70s than today (although the past few years it has tightened up again). Young people in their 20s seldom ever had credit cards. I know I didn't and establishing credit took a department store purchase of a major appliance or something like that. I got my first credit by buying a set of tires. But it seemed like for a long time after that, credit seemed to get easy to obtain. College kids, the military were just some who seemed to get it much easier after the 70s ended. I don't know but this was my experience.
I also believe that credit was much tighter back in the 70s than today (although the past few years it has tightened up again). Young people in their 20s seldom ever had credit cards. I know I didn't and establishing credit took a department store purchase of a major appliance or something like that. I got my first credit by buying a set of tires. But it seemed like for a long time after that, credit seemed to get easy to obtain. College kids, the military were just some who seemed to get it much easier after the 70s ended. I don't know but this was my experience.
As I recall, I had all sorts of credit cards back in the 70s. That wasn't necessarily good for me, but I had them. Gasoline credit cards, Airline credit cards, Visa, MasterCard, American Express.
I also believe that credit was much tighter back in the 70s than today (although the past few years it has tightened up again). Young people in their 20s seldom ever had credit cards. I know I didn't and establishing credit took a department store purchase of a major appliance or something like that. I got my first credit by buying a set of tires. But it seemed like for a long time after that, credit seemed to get easy to obtain. College kids, the military were just some who seemed to get it much easier after the 70s ended. I don't know but this was my experience.
I remember a college prof of mine complaining in 1972 that he couldn't get an AMEX card because it required property ownership.
I'm pretty sure I didn't know anyone in the early 70s who had a bank credit card. There were more popular store credit cards, though.
I read that there were different credit cards depending on where you went to the store. You had Visa, Mastercharge (which eventually became MasterCard), American Express, and few others. It wasn't like what it is today.
As I recall, I had all sorts of credit cards back in the 70s. That wasn't necessarily good for me, but I had them. Gasoline credit cards, Airline credit cards, Visa, MasterCard, American Express.
you were fortunate to have those. I didn't know anyone with credit cards unless they were wealthy kids or professionals. Of course my parents had them but used them very sparingly.
And jetsfan, visa was originally BankAmericard as mastercard was mastercharge.
Back then, if you were a woman, it was sometimes difficult to get a credit card in your name especially if you were married. I remember in Chicago, a very well known woman newscaster, which in itself was rare in those days, had been engaged to an attorney who ran for mayor. She married him just before the campaign. When he lost, he was unemployed since he had quit his job to run. She applied for a credit card for a local department store and was rejected because her husband was unemployed.
At the time, many credit card companies worked in the manner in which women could only have credit cards in their husband's names. Since her husband was technically unemployed, he was not eligible for a credit card and therefore neither was she. Never mind that she had a long work history and was earning big bucks. A women's salary just didn't count.
You better believe that this story hit the airwaves big time on her newscast! This lady got a reversal of the decision a credit card pretty quick after that. But she chose to tell the store they could keep their card and she would shop elsewhere until they change their policy that married women could only have credit cards in their husband's names if they had their own good credit history.
Ah, life in the 70's. I would venture to say that allowing everyone credit cards more than likely caused an upsurge in consumerism.
My parents didn't have credit cards, but had store credit "lines." My mother could charge stuff at local clothing stores, no interest or very low and pay it off in 3-4 months or whatever time. I don't remember interest on those though--informal type of things. We know you and will give you credit. Funny looking back. And, my parents never had car loans, gasp, that would have driven my father to pacing the floors, most-likely.
Ah, life in the 70's. I would venture to say that allowing everyone credit cards more than likely caused an upsurge in consumerism.
An upsurge in consumerism doesn't necessarily mean a better life overall. IMO, life was healthier in the 70's.
In the 80's movie Robocop, there's a scene where a partying person says "I'll buy that for a dollar!". That quote comes from the 1950's book "The Marching Morons", which predicts future rampant consumerism. I think it also predicts shallow values as well (not certain).
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