Perhaps it’s human vanity that each generation believes they’re better off than previous generations. We credit ourselves with numerous modern inventions and innovative practices. Yet, like our planet rotates on its axis, inventions and innovations, too, have a way of repeating themselves! Consumer credit is one such ‘modern’ practice that existed even in 3500 BC!
In fact, the first formal document of credit (complete with varying interest rates for different products!), the Code of Hammurabi, was written in 1800 BC, in Babylon. Read on for more priceless nuggets on consumer credit through the ages.
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The History of Consumer Credit:
Infographic by – Visual Capitalist