Borrow

"A 1968 sample found that only 17% of Americans had credit cards, as opposed to the 62% who had gasoline company cards. Men who used credit cards, moreover, were disproportionately affluent, urbane, and more likely to agree with statements such as 'I like to think I am a bit of a swinger'"

--from BORROW: The American Way of Debt By Louis Hyman

In this lively history of consumer debt in America, economic historian Louis Hyman demonstrates that today’s problems are not as new as we think. Borrow examines how the rise of consumer borrowing—virtually unknown before the twentieth century—has altered our culture and economy. Starting in the years before the Great Depression, increased access to money raised living standards but also introduced unforeseen risks. As lending grew more and more profitable, it displaced funds available for business borrowing, setting our economy on an unsustainable course. Told through the vivid stories of individuals and institutions affected by these changes, Borrow charts the collision of commerce and culture in twentieth-century America, giving an historical perspective on what is new—and what is not—in today’s economic turmoil. READ an excerpt here: http://knopfdoubleday.com/book/205806/borrow/