The main reason our culture has normalized credit cards over the past 60 years is due to a combination of factors:
- Convenience and ease of use : Credit cards simplified transactions, making payments and accessing credit more efficient for consumers
- Aggressive marketing and incentives : Credit card companies heavily promoted cards through mass mailings, rewards programs, and appealing to a broad middle-class audience, expanding usage beyond elite groups to nearly everyone
- Expansion of financial inclusion : Credit cards allowed more people to participate in the modern economy by providing access to credit even without substantial savings or traditional loans
- Cultural and social shifts : Post-World War II economic growth, government programs, and rising consumerism fostered a culture of credit use, where credit cards became a normalized financial tool for everyday life
- Technological advancements : Innovations like magnetic strips, electronic transactions, and digital payments increased accessibility and security, further embedding credit cards in daily commerce
To change the normalization of debt, key steps include promoting financial literacy, encouraging responsible credit use, improving transparency and regulation of credit products, supporting debt management resources, and fostering a culture of saving and budgeting
. This multifaceted process reflects both economic developments and social practices that have made credit cards a ubiquitous part of modern financial life
