Back to the 1980s - Credit Cards and Consumerism

When you think of the 1980s, you picture big hair, neon suits, and… Credit cards. Lots and lots of credit cards. But why did this decade become so synonymous with consumerism, and what does it have to do with your bank account or your dad’s stern lectures about “never to spend what you don’t have”? 

The first consumer credit card, the BankAmericard (later Visa), appeared in 1958. It introduced the revolutionary idea of revolving credit where the bank paid upfront and you paid later. By the 1980s, credit cards were everywhere. Suddenly, buying a stereo, a car, or that neon tracksuit was not limited to the cash in your wallet. It was whatever your bank would let you borrow.

The oil crises of the 1970s had tightened belts, but the 1980s brought growth, optimism, and easy credit. Interest rates gradually fell, making borrowing tempting. People were ready to spend, and credit cards made it feel effortless.

Movies, TV shows, and ads didn’t just sell products, they sold a lifestyle. Take Bud Fox in Wall Street: a junior stockbroker trying to make it in the big world. By playing along with his mentor, Gordon Gekko, he suddenly gains a penthouse, a limo, designer suits, and a lifestyle that screams success. His story captures the 1980s tension perfectly: ambition meets opportunity, and credit, and status symbols, become the currency of achievement.

Meanwhile, somewhere in Switzerland, your dad - well, mine - born in 1942, was quietly shaking his head. “Don’t spend what you don’t have. Save for a rainy day.” For his generation, credit cards were not symbols of freedom, they were warnings in plastic form. And if you were like me, well, you did it anyway even though you were too young to have a credit card ;-)

The 1980s didn’t invent consumerism, but they perfected it. Credit cards didn’t just let people spend; they encouraged them to dream bigger than their wallets. And sometimes, to pay the price later.

Fast forward to today, and the urge to keep up has only been amplified. Social media and influencers show curated, aspirational lifestyles 24/7, while one-click payments and instant credit make it easier than ever to chase them. The tools have changed, but the impulse to show off, keep up, and sometimes overspend remains very familiar.

Do you agree?