Chinese people invented many helpful things such as gunpowder, paper money, chopsticks and umbrellas. Unfortunately as per the Chinese, they did not devise the idea of using plastic in the place of money. We can thank early American capitalists for that idea.

The first bank credit card was invented by John Biggins in 1946; since then, credit cards have, for a variety of reasons, evolved into one of the most versatile payment methods in todays' commercial world.

Most major stores today will take your credit cards, so you don't have to haul large amounts of unsecured and unclean currency with you. The only exception is the occasional small store, which only accepts cash. Also, by paying on your credit card in a timely fashion, you build a positive credit history.

Some places, like the United Kingdom, allow for reimbursement you if you make a credit card purchase and the items are not in the expected condition, if you make a claim within a set amount of time, usually 2 months or so. Credit cards are very secure, and even if you are attacked and robbed, you can later phone the issuer of your cards and cancel any cards that were stolen. Also, credit cards make it easy to keep tabs on your spending, as they log every purchase.

Does the credit card work for you or do you work for your credit card? Most people's answer to that question will depend on how they treat their 'old plastic' as credit cards are known.

Credit cards offers often are presented in a deceptively good light. Many consumers end up in dire financial circumstances when they use these cards. Advertisments which almost make the use of a certain card seem like charity are often ruses used to cheat consumers out of their money.

This is not a campaign of hate, which is aimed at the credit cards.

Surely they have their benefits - in America if you want to rent a car, you got to have a (major) credit card.

But, consider this scenario:

You receive an offer in your mail that sounds good, maybe it's a new generation TV or a fridge. But it costs $2000. Oh, but you have a credit card with a $5000 limit, and you immediately purchase your merchandise. Typically, here is how your repayment schedule will play out. Most credit cards charge a minimum of total balance (usually 2 percent) of the total per month. Assuming the interest rate is 18 percent and you choose to repay the minimum amount of $40, $30 of that will go towards interest and only 10 percent towards the principle. As a result, you will take 30 years to repay and end up paying over $5000 interest.

The illustration, although it makes credit card use sound a bit scary, simply shows that you should use your credit card wisely. And look at the fine print when filling out credit card apps.

Nevertheless, credit cards are here forever, no matter what the doomsayers are telling you.