IntroductionHistory of Money, Banks, and Saving |
When did the use of money first begin? |
As early as 5000 B.C.E., the Sumerians, in modern-day Iraq, began to produce silver ingots to be used as a standard measurement and currency. They also invented the wheel and arithmetic. The Egyptians began using gold as a form of currency around 4000 B.C.E.
The history of credit cards dates back to 1908. Early credit cards acted almost like bank accounts, and customers had to carry a balance to make a purchase. Today, Americans use credit cards to pay for large or small purchases on time, and the average household carried over $14,000 in credit card debt in 2011, according to CreditCards.com.