It's easy to get credit in the United States. Many times individuals will get a dozen offers each week in the mailbox at their residence. Children receive these solicitations. Dogs and cats get them. Dead people are even offered credit cards. These mailouts will contain all sorts of offers, most with a different twist: no interest, low interest, high limit, low limit, no limit, longer grace periods, cash back, reward points for hotels or airline purchases. It can almost become overwhelming in many cases.

Credit is easy to get when you have a good credit score, a number which denotes your creditworthiness. If you have a good FICO score it's easier to get a credit card with good repayment terms. It's also simpler to buy a big-ticket item (home, car, appliances) when your consumer credit score is sound. Failure to keep up payments or not make payments on time can put a ding on your credit, which could come back to haunt you the next time you need to apply for a credit purchase.

Credit cards were primarily a regional credit instrument until the mid 1960s, which a national credit card system was formed by a group of banks. They formed the InterBank Card Association, which today is known as MasterCard Worldwide. The credit industry took off from these humble beginnings to reach today's point, where 82 percent of Americans say credit cards are "essential."

As the bank card industry grew, banks interested in issuing cards became members of the MasterCard or Visa associations. The shared card program made credit cards available to small banks and institutions in cities of all size and stature. Banks were eventually allowed to belong to both the MasterCard and Visa associations and take more advantage of the credit markets.

The Discover Card, originally part of Sears, debuted in 1986 and offered a novel cash-back program. Discover remains the No. 3 card, but has created a solid spot in the market for itself. The American Express card, which has been around since 1959, in 1987 began to offer a card that allowed customers to pay over time instead of at the end of each month.

While plastic credit cards (and the credit scores they create) remain the staple of the industry, new developments are starting to change the way credit is handled. Alternative forms of payment have become prominent, starting with PayPal and continuing with credit card keyfobs and chips that can be implanted into cell phones or other devices.