The rise in personal debt in US, which was once associated with having a poor moral character, got accepted as a regular part of daily life as the use of credit cards increased.
Despite the fact that credit cards were originally offered in the US in the 1950s, it wasn't until the 1980s that they were widely accepted as a form of payment. Credit cards had a significant impact on the expansion of the US economy by generating enormous profits for the financial sector and a positive rise in the retail sector. While they contributed to a long-lasting boom, they were also a contributing factor in the financial sector's problems during the 2008 credit crisis.
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