Preface
In the last half of the twentieth century, payment cards have revolutionized commercial transactions. Previously, the majority of consumer transactions were made using cash or cash equivalents (checks). Presently, they are made using debt (credit cards).
They have also had a significant impact on personal finance: enabling individuals to use debt extensively, often too extensively, and to finance purchases beyond our immediate capital reserves.
This book examines the phenomenon of consumer credit and the complex industry that lies behind the revolution in personal finance. The goal is to examine the ways in which the phenomenon of consumer credit works in the present economy.