Don't turn back the clock
USA TODAY, May, 2008 by Edward Yingling
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Credit cards are so commonplace today that it is easy to take for granted the convenience, security and flexibility that they offer. Some 75% of American families now have at least one credit card, but this was not always the case. A Government Accountability Office study found that far fewer people had access to credit cards just 20 years ago and those that did paid annual fees and interest rates around 18%.
Thanks to advances in risk management and credit scoring, card issuers have become much better at judging risk and now vigorously compete with one another. Credit cards are available to large portions of the public who previously could not get them, and most cards have no annual fees.
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Importantly, much like the insurance industry, where safer drivers pay less for auto insurance, issuers reward the vast majority of consumers who have good credit histories with lower rates. This ...
