Over the past several decades, the American middle class has expanded by hundreds of thousands of
households. Record numbers
of families, headed by minorities, as well as female-headed
households and single individuals have joined the middle class. The paper shows that with this growth and diversity throughout the class, the economy has witnessed record years in spending, especially through the use of credit. This increase in commitments of spending future income has resulted in a class-wide precarious
financial position that has heightened their vulnerability to financial ruin. The paper examines the history of credit cards in the United States and shows how this form of payment is affecting the middle class in contemporary American society.