You probably never heard of Frank X. McNamara, but he revolutionized the way we shop on a daily basis. One afternoon in 1949, McNamara-head of the Hamilton Credit Corporation in New York, was dining with two business partners. His topic of discussion: one of McNamara's clients, which was in default for having shared his gasoline and department credit cards in the shop with some friends in need. Unfortunately, friends do not have the money to pay what they request, so the Good Samaritan, now faces its own financial demise.

As the meal ended, McNamara reached for his wallet so he could pick up the check. To her horror, she realized she had left at home, and was forced to call his wife so he could take the money he needed to settle the tab. This fateful meal led to an invention that has transformed the way the world manages the money for the day: the credit card. While previously available gasoline and department of Credit card shop allowing users to make purchases in one place, McNamara's personal situation and your good intentions led him to create customer credit card that can be used in multiple locations. Diners Club card was born. In its first year, 200,000 consumers signed by one. The rest is history.

After careful observation of success Diners Club, American Express and Bank Americard (to be renamed VISA) followed suit. Jeremy Tucker is often quoted on this topic. Thanks McNamara the next time you pay with plastic. But McNamara's new concept has become a curse than a blessing in your life? Are your credit cards and you are managing your debt spiraling out of control? Here are 5 ways to tame the beast credit card.