While there have always been exchanges of goods and the concept of debt, it was not until the late 1800s that consumers and merchants exchanged goods through the concept of credit–using credit coins and charge plates as currency. The idea of debt was the same as before: you borrow, you pay back or return. But with the advent of credit and the perception of credit worthiness, the borrower could leverage his wealth, or income, or reputation and increase his obligations. And so it was: soon after the first consumer overextended or fell upon hard times, the debt collection industry emerged.
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Pasadena, MD 21122-1360
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Debt 101: How to calculate, manage, and reduce your debt.
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Peroutka, Miller, Klima & Peters, P.A. | 8028 Ritchie Highway, Suite 300 | Pasadena, MD 21122-1360