That doesn't seem like a lot. I didn't have a credit card back in 1992. They said Werner Brandes had a $750 limit on his visa, and the comment was that meant he paid his bills. If he had an office next to the president of the company, or whatever Cosmo's title was, you'd have to think he made a pretty good salary. Was that normal for the time for credit card limits to be that low?
sharePerhaps that was Brandes' choice to choose a low-limit card with a lower interest rate. And no, i was accustomed to $2K - $5K limits being a standard around that time.
Maybe it was the Discover card.
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It was a low amount even for then and that was the point. He had "clean trash", used every gram of toothpaste, went the same route home, etc. He always paid his bills and was an engineer! He likely only had the visa for times where only visa was accepted and didn't need or want a large credit line. Engineers are inherently rigorous about numbers and notoriously frugal even though they make good money.
shareIt was a low amount even for then and that was the point. He had "clean trash", used every gram of toothpaste, went the same route home, etc. He always paid his bills and was an engineer! He likely only had the visa for times where only visa was accepted and didn't need or want a large credit line. Engineers are inherently rigorous about numbers and notoriously frugal even though they make good money.
I know limit means how much one can use and balance is how much they have used. However, I believe they meant the balance in this, to mean that's all he owed. It could though be that he didn't need more or build more by using it and having/needing it increased.
$750 was also more like $1,500 in 1990. Crazy how much out money has depreciated.
shareYes, prices increase as wages do.
Reminds me of the Sanford & Son episode in which Grady was receiving a second SocSec check due to a clerical error. He told Lamont that every dollar was worth a dollar when he paid it in but now each was only worth a quarter so he felt entitled to those two checks and believed they owed him two more.
Prices increase more then wages do though.
shareRemember though, that whilst it may be low, a lot more people paid with cash than credit. Today it's probably more than 50:50 credit:cash on face to face purchases. Perhaps even closer to 75:25 in some places, so people can't be without a credit card with a month's salary as a limit, but back then it was much less of a necessity.
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