#33: Dastardly Debt
It may come as a surprise, but credit scores are actually a relatively new concept. In fact, it first began in the 1950s and later became known as the FICO score. It wasn’t until 1989 that FICO made an official model for scoring people’s credit. Before this time, people could get credit really simply.
Plus, the interest rates were pretty low as well, especially when you compare them to the staggeringly high costs today. So it’s unsurprising that Baby Boomers and the Silent Generation barely have any debt – they didn’t get much of it in the first place anyway! If only life were that easy today.