How do you use credit? There are right ways and wrong ways, and
the latter almost always lands you in trouble. Consumer credit
as we know it has evolved fairly quickly in the last four
decades. Before the late 1970s few people had credit cards. Even
if they had a Mastercard or Visa – it used to be called
BankAmericard – they rarely had more than one. Over the years,
having credit cards allowed consumers to expand their purchasing
power, sometimes buying things they really couldn't afford. But
it stimulated the economy and generated income for the banks so
everyone was happy. End of the party Eventually it caught up
with us. The credit crisis of 2008 was about more than
mortgages. In its aftermath credit card companies reduced
customers' credit lines and in some cases, unilaterally closed
accounts. Even now, more than four years later, we're still left
with a significant credit balance. Combining credit statistics
from a number of federal agencies, NextAdvisor.com, a financial
research site, came up with the t