http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/ Personal finance that makes cents. Common sense advice on topics from high interest savings accounts, frugality, cd rates, money market accounts, mortgage rates, how to get out of debt, money management and more. Sun, 21 Mar 2010 03:37:27 +0000 http://wordpress.org/?v=2.7.1 hourly 1 http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5798 majeest Mon, 21 Aug 2006 15:25:09 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5798 Yet another factor that encouraged the use of credit: Credit card interest used to be tax-deductible, just like mortgage interest. This provision was eliminated in the 1986 overhaul of the tax code, but by that time, the use of credit was firmly entrenched as just one of those things people do. Yet another factor that encouraged the use of credit: Credit card interest used to be tax-deductible, just like mortgage interest. This provision was eliminated in the 1986 overhaul of the tax code, but by that time, the use of credit was firmly entrenched as just one of those things people do.

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5765 Tim Sun, 20 Aug 2006 02:45:19 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5765 Another reason is that during the 60s and 70s American companies were making a lot of progress in improving productivity. Since people were doing more work in less time they were starting to ask for more days off to spend time with their families. Marketers caught on to this and ramped up advertising to increase consumption. If you increase consumption people have to work more to pay for everything. So we end up with two working parents and lots of debt and all the latest gadgets at home. While countries like Sweden enjoy an average of 17 weeks of vacation per year. And they have one of the best social systems in the world and they have one of the strongest economies in Europe. Crazy huh? Source: my Comparative Policy class at school. Another reason is that during the 60s and 70s American companies were making a lot of progress in improving productivity. Since people were doing more work in less time they were starting to ask for more days off to spend time with their families. Marketers caught on to this and ramped up advertising to increase consumption. If you increase consumption people have to work more to pay for everything. So we end up with two working parents and lots of debt and all the latest gadgets at home. While countries like Sweden enjoy an average of 17 weeks of vacation per year. And they have one of the best social systems in the world and they have one of the strongest economies in Europe. Crazy huh? Source: my Comparative Policy class at school.

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5699 Cat Connor Thu, 17 Aug 2006 21:24:28 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5699 Those are trackbacks. What you're seeing is a quote from another blog, talking about this blog. Click through on one to see what I mean. Those are trackbacks. What you’re seeing is a quote from another blog, talking about this blog. Click through on one to see what I mean.

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5698 Shane Thu, 17 Aug 2006 21:02:51 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5698 What is with these [...] Quote from this blog [...] posts? I do not understand why they are being put here. Is this a quote that those readers particularly enjoyed? What is with these [...] Quote from this blog [...] posts? I do not understand why they are being put here. Is this a quote that those readers particularly enjoyed?

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5697 Tim of Suburbia » Blog Archive » The Dawn of the Age of Credit Thu, 17 Aug 2006 20:41:10 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5697 [...] The Dawn of the Age of Credit Urbanization, marketing, and the rise of mass media produced a powerful combination capable of separating the working stiff from his cash. [...] [...] The Dawn of the Age of Credit Urbanization, marketing, and the rise of mass media produced a powerful combination capable of separating the working stiff from his cash. [...]

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5688 Mark Thu, 17 Aug 2006 16:24:17 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5688 I agree, very interesting! And definitely topical and relevant. Keep it up. I agree, very interesting! And definitely topical and relevant. Keep it up.

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5687 Dona Thu, 17 Aug 2006 16:20:06 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5687 Upon more reading, here's a good <a href="http://www.bos.frb.org/education/ledger/ledger04/sprsum/credhistory.htm" rel="nofollow">article</a> that traces the evolution of consumer credit in America. Upon more reading, here’s a good article that traces the evolution of consumer credit in America.

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5686 Dona Thu, 17 Aug 2006 16:07:32 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5686 I learned about the advent of department store credit cards in an American Studies class, and ever since then I've wondered how Visa and MasterCard got started. Your post made me look it up. According to Wikipedia, Master Charge cards were first issued in 1967, and the company changed to MasterCard in 1979, around the same time that Visa was released. Consumer credit is a newer notion than I ever realized. Good post! I learned about the advent of department store credit cards in an American Studies class, and ever since then I’ve wondered how Visa and MasterCard got started. Your post made me look it up. According to Wikipedia, Master Charge cards were first issued in 1967, and the company changed to MasterCard in 1979, around the same time that Visa was released. Consumer credit is a newer notion than I ever realized. Good post!

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5685 » The Age of Credit on Consumerism Commentary: A Personal Finance Blog Thu, 17 Aug 2006 15:26:51 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5685 [...] J.D. has included a passage from a book, Ain’t We Got Fun, in his recent post, The Dawn of the Age of Credit. The book looks at the changes in American society of the 1920s that led to the way people view credit cards and personal debt today. That is to say, most of this country holds personal debt as socially acceptable, rather than in previous centuries when a social stigma was attached to those who owed money. [...] [...] J.D. has included a passage from a book, Ain’t We Got Fun, in his recent post, The Dawn of the Age of Credit. The book looks at the changes in American society of the 1920s that led to the way people view credit cards and personal debt today. That is to say, most of this country holds personal debt as socially acceptable, rather than in previous centuries when a social stigma was attached to those who owed money. [...]

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5684 Flexo Thu, 17 Aug 2006 15:10:42 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5684 This *is* fascinating. Thanks for sharing the excerpt (and all the links). This *is* fascinating. Thanks for sharing the excerpt (and all the links).

]]> http://www.getrichslowly.org/blog/2006/08/17/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5683 Through a Glass Darkly Thu, 17 Aug 2006 13:21:04 +0000 http://www.getrichslowly.org/blog/2006/08/13/aint-we-got-fun-the-dawn-of-the-age-of-credit/#comment-5683 Not dry at all! I'm adding the book to my to-read list. What you posted fits right in with the section of Your Money or Your Life that I just finished. Not dry at all! I’m adding the book to my to-read list. What you posted fits right in with the section of Your Money or Your Life that I just finished.

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