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Author Archives: Steve Rhode

We Got Burned By the Legal Debt Center, Hess Kennedy Law Firm, and Allegro Law on Debt Settlements. – Kevin

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“Dear Steve, My wife and I commited to getting out of debt 2 yrs. ago. We went with the legal Debt Center. (Hess kennedy) They cleared up one account and then told me they can no longer help. We lost 10K. We might get a little back. We came accross Allegro and they promised what happened to Legal Debt Center ... Read More »

    The History of Credit & Debt – The Credit Surprise

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    While many view credit as a negative force in American culture, sufficient arguments can be made which uncover the hidden value that credit plays. Opponents to credit will tell you that debt, the antithesis of credit, has ruined many a life. While that is commonly stated, objective study of the facts tells a different story. The majority of credit users, ... Read More »

      The History of Credit & Debt – National Thrift Week

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        The History of Credit & Debt – Duty of Economy


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          The History of Credit & Debt – Benjamin Franklin

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          While sailing to England in 1757, Benjamin Franklin the famous America statesman and author wrote “The Way to Wealth” which provided advice on a variety of subjects. The text was only sixteen pages but the advice contained therein was invaluable. Franklin has very strong opinions about debt and he was not shy about expressing them. Many readers of this page ... Read More »

            The History of Credit & Debt – How to Budget, How to Buy, How to Pay

            How to Budget, How to Buy, How to Pay – Circa 1926. This text was produced by a leading retailer. Several retailers maintained “budget” departments to help show consumers how to manage their money so they could afford to make purchases. Back to Table of Contents Read More »

              The History of Credit & Debt – Betty & Dave


              Money troubles are not a modern problem. Almost forty years ago in Bluffton, Indiana, Betty and Dave Jacobs allowed their money struggles to become the focus of an article in a national magazine. Today millions of families still suffer from the exact same money issues and troubles. They suffer needlessly. It is obvious from reading this article, people today make ... Read More »

                The History of Credit & Debt – Bankruptcy


                Bankruptcy has been around for over four hundred years. However, what we assume to be bankruptcy, the elimination of debts, is not what bankruptcy started out as or was intended to become. The word bankruptcy comes from bancus, the tradesman’s counter, and ruptus, broken, denoting one whose place of business was broken or gone. Under pre-English bankruptcy laws, Rome, under ... Read More »

                  The History of Credit & Debt – The Finance Company


                  Today, when we think about the neighborhood finance company, it usually carries a negative connotation. Storefront lending is now the place you go when the bank won’t touch you, or so many believe. Personal finance companies played an important part in accelerating the consumption of credit in America. Ironically, that was not their intention. In the 1920s, if you wanted ... Read More »

                    The History of Credit & Debt – History of Credit Cards


                    The history of the credit card is anticlimactic after everything you have read about the history of credit and debt so far. The credit token was developed in the late 1800’s because stores wanted a faster way to complete transactions rather than have to lookup individual information or record the name and address of the buyer every time. To complete ... Read More »

                      The History of Credit & Debt – Saving Money


                      We often picture our Victorian ancestors practicing thrift, frugality and good money management. While those beliefs may be romantic, they are not accurate. America almost always has been a culture of consumption. As shown earlier, even the Pilgrims arrived in America with debt. Thrift was once openly discussed as being a sought-after virtue and held out as an acceptable social ... Read More »

                        The History of Credit & Debt – General Credit Terms in Early Consumer America


                        By the 1920s, credit had exploded upon American society. It was too late to put the genie back in the bottle since the rise in consumer debt was merely an extension of a long-standing American willingness to get ahead by borrowing. By this time, generations of Americans had been weaned on easy credit and would accept nothing less. America was ... Read More »

                          The History of Credit & Debt – Early Installment Sales


                          Some of the earliest forms of consumer credit were installment loans. These loans were commonplace in the United States since around 1850 with sewing machine financing and really began to catch on. Women were the most enthusiastic about the advent of sewing machines on easy credit. Before the sewing machine it took on average fourteen hours to make a shirt ... Read More »

                            Dave Burke, the Radio Host Credit Counselor, and the Real Talk Network Send Client to Collections. WTF!

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                            This comment came in on a previous post of mine, What Do You Think of the Dave Burke Real Talk System of Eliminating Debt? – Stan. I don’t think I’ve ever created a new post from a comment before but this comment brought to light some very disturbing issues. I went to the Real talk “Free” seminar. At the end ... Read More »

                              The History of Credit & Debt – Early Sources of Credit


                              Before organized consumer credit, there were five major lending sources: pawnbrokers, illegal small-loan lenders, retailers, friends and family, and mortgage lenders. Indebtedness was common prior to the 1800s. Unfortunately, it was hidden from view in the grocer’s book and the pawnshop ledger, in the butcher’s tab and the memory of friends. Early levels of national consumer debt were measured in ... Read More »

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