Credit is not taught in College or University. The fact is that most hard working people in society do not have the basic foundational education necessary to make informed decisions around managing their credit. When educating people about credit we start from the foundation which is the History of Credit.
The History of Credit Timeline:
In 1730, Christopher Thompson, a furniture merchant, created the first advertisement for credit by offering furniture that could be paid off weekly.
The 18th century until the early part of the 20th century Tallymen kept a tally (thus the name tallymen) of what people had bought on a wooden stick. One side of the stick was marked with notches to represent the amount of debt and the other side was a record of payments.
Overdraft protection was introduced during the rise of the British middle class, one of the first forms of credit
In 1914 the system of credit took a real turn and “Metal Money” was created Western Union, in the interest of good customer service, gave some of their more prominent customers a metal card to be used in deferring payments-interest free- on services used
In 1924, General Petroleum Corporation issued the first metal money specifically for gasoline and automotive services. Metal money was first offered to their employees, then to select customers and because the system worked so well they offered the metal money to the general public.
In the 1930’s, American Telephone and Telegraph (AT&T) introduced the “Bell System Credit Card.”
1950 marked the real beginning of the credit cards most of us are familiar with today. Diner’s Club, Inc. introduced the first credit card that could be used at a variety of stores and businesses.
In 1958 American Express introduced the “Don’t leave home without it” card. The state of California Bank of America issued the first revolving-credit card The BankAmericard
In 1951 Franklin National Bank was the first bank to implement the system. Applicants approved for credit were issued the Charge-It card.
In 1967, four California banks formed the Western States Bancard Association and introduced the MasterCharge program.
By 1969, most independent bank charge cards had been converted over to either BankAmericard or MasterCharge cards. Banks interested in issuing cards became members of either BankAmericard or MasterCharge.
By mid 1970s, the credit card industry started exploring international waters but the name “America” caused problems.
In 1977 BankAmericard became VISA and In 1979 MasterCharge became MasterCard.
In 1979 the improvement of electronic processing, electronic dial-up terminals and magnetic stripes on the back of credit cards; allowed retailers to swipe the customer’s credit card through the dial-up terminal which accessed issuing bank cardholder information a lot faster.
There are five leaders in the credit card industry today:
• Visa International
• MasterCard
• American Express
• Discover
• Diner’s Club
Gareth Marples is a freelance writer providing valuable tips and information on the history of credit cards.
The fact is that Canadians are very comfortable carrying high debt loads to service their lifestyle. The average Canadian will carry $50,000.00-$95,000.00 in credit card and personal debt; while comfortably carrying an additional $400,000.00-$600,000.00 in mortgage and auto finance debt.
Home owners with a mortgage truly believe that they own a home when really they are paying rent to the lender until the debt is paid in full. The "debt paid in full" generally will not happen due to the fact that; Canadians either use the equity in their home as a vending machine by consolidating the debts, or upgrade to a bigger house. 
