Do you know when was credit card first introduced into the world of commerce and business? And, on what ethical terms were those cards introduced?
Once you get the answers and understand the real meaning of credit, you are bound to realize the serious mistakes you have done in the name of credit!
The first credit card was in the form of small metal plates, introduced by big departmental stores for customers who were regular buyers at the stores, and those who can be trusted!
The store owners issued such cards for loyal, trustworthy, permanent, and honest customers! These customers could buy products from that specific store with the help of these cards, on credit!
But things changed as credit card industry progressed! People started to misuse them so much, that right now our nation is standing under huge pressure of debt!
Still, as per the recent statistics, store credit cards or retail credit cards carry the highest percentage of debt among all form of credit cards!
What makes store credit cards so vulnerable to debts than other ‘bank issued’ conventional credit cards?
Usually, store credit cards like Nordstrom cards, Amazon cards, etc, are meant to push sale the company’s products.
Consumers get attracted to these cards, and are thereby enticed to buy more goods at more discounts!
But unlike bank credit cards, the rules are a bit loose with these cards, and eventually, people take them very lightly.
Customers believe that the retailers won’t sue them like creditors and banks usually do to the credit card holders.
To some extent, this fact is true that retailers are lenient with store credit cards. But should you take advantage of it?
Before you know it, departmental stores and retailers will put down heavy laws and rules for debtors:
Initiations are going on to improve debt collection techniques to pull back amounts owed on retail credit cards.
All big retail stores are planning to merge their credit card business with banks, and factor in other security protocols.
So, you can be pretty sure that you will not be able to evade store credit card payments so easily, as you can do now!
I believe, it’s soon going to be a big time myth that only traditional credit card holders can be sued. As in the upcoming age, all credit cards will be unified. And all will bear the same circumstances, on balances not being repaid in time!