Quick Scoop From the American Revolution to today’s credit-card age, credit and debt in America have evolved from a survival tool into a central feature of everyday life. In the late 1700s and 1800s, the young United States borrowed heavily to finance wars and expansion, while ordinary people relied on informal store tabs and personal loans. The 20th century brought mass consumer credit: installment plans, mortgages backed by federal programs like the FHA and GI Bill, and eventually credit cards and national credit bureaus that standardized who could borrow and on what terms. By the early 21st century, easy access to credit helped fuel homeownership and consumer spending but also contributed to rising household debt and periodic crises, leaving Americans in a lasting love–hate relationship with borrowing.

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