Preface: For the Lord your God will bless you, as he promised you, and you shall lend to many nations, but you shall not borrow, and you shall rule over many nations, but they shall not rule over you. — Deuteronomy 15:6
Credit History: The Evolution of Consumer Credit in America
………It’s all quite impersonal and very different from the way things were in
1800, or even 1900. Just try to imagine how old-time storekeepers and
bankers would react to the idea of granting you a $10,000 line of credit
without ever shaking your handing, looking you in the eye, or knowing
anything about your family. Then try to imagine their reaction if you
asked to borrow money for a vacation: Let’s see. You want to use this money
for a pleasure trip to Florida, where your children will visit a kingdom ruled by Mickey Mouse? You won’t be doing any trading while you’re there, nor will this journey have any other productive purpose. . . . I think not.