Secret History of Credit Cards - Economics



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Secret History of Credit Cards

1. Why does Sioux Falls, South Dakota have such a large post office?

2. What is the Marquette decision?

3. What other state copied South Dakota?

4. What is the most profitable sector of banking?

5. Why does Stein say the credit card companies hate him?

6. What are “revolvers”?

7. What is the average amount an American family has in credit card debt?

8. What happens if you are late making a payment or miss a payment?

9. If your credit score (FICO score) is below 600, do you have good or bad credit?

10. Do most Americans understand the contract from their credit card company?

11. Can credit card companies change the interest rate after you have borrowed money?

12. Did the Smiley case increase or decrease the amount of fees charged on credit cards?

13. What type of people was Providian targeting?

14. What government organization is the regulator of the banks (give the acronym)?

15. If you make the minimum monthly payment, will you be able to pay off your credit card bill quickly?

16. Who do you think is the blame for the soaring debt Americans have: the industry or the consumer? Explain your answer!

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