Criminal Lawyer Advice

The first credit card was introduced by American express in1958. The first widely accepted card that allowed paying the money later over time was introduced by bank americard in 1959. In 1977 it was renamed as visa. Master cards were then introduced. 1966 the banks formed an association and introduced master cards that are in existence even today. In 1979 the California bank association renamed the master charge to master card. This is the story how master and visa cards were born. The sources say that the citizens of United States toil from the credit card debt . They have to work hard to repay this. Here is a collection of statistics about the users of credit cards worldwide.
The sources reveal that the total amount of visa and master debit cards in circulation were 397 million and 123 million respectively as of December 21, 2010. By the end of December it was estimated that on the whole including all the credit card vendors there are 1008.9 million credit cards in circulation in United States. On the whole the survey states that eighty percent of customers use debit cards, seventy eight percent of them use credit card and seventeen percent of them use prepaid cards. Analyzing the growth states an increase of 22 million cards in last ten years. As per sources the total debt amount through the purchase from debit cards in 2.43 trillion American dollars as of may 2011. Average debt of credit card per house hold is 15,799 dollars. This data states that about 56% of credit card holders didn’t pay the amount for an average of past 12 months. This heavily affects the American economy.