It is forty years since Britain's first credit card was launched.

Barclaycard was launched on June 29th 1966 and at the time only half of this country's population had bank accounts and many people were paid their wages in cash.

The first Barclaycard customers were recommended by local bank branch managers and they received a booklet containing a list of shops where they could use it.

The standard card came with a credit limit of £100, but some preferential customers could spend up to £250. In the beginning each transaction had to be authorised over the telephone.

Barclaycard remained the only card available in Britain until 1971 when the Access credit card brand was launched jointly by National Westminster, Midland and Lloyds banks.

Today the credit card industry is huge with more than 1,300 different cards on the market and over 74 million credit cards in circulation - that's an average of 2.4 per person. Card companies directly or indirectly employed more than 110,000 people in Britain last year, and contribute more than £8 billion a year to the UK economy in tax.

While the growth of the credit card has given financial freedom to some, it has contributed to rising debt problems for others. According to the Citizens Advice Bureau, credit card debt is the most popular reason people go to them for debt advice.