How credit cards have remained ubiquitous part of the people’s lives

Topic 

How credit cards have remained a ubiquitous part of people’s lives

Instructions 

VIDEO: The Secret History of the Credit Card FRONTLINE, Lowell Bergman,

https://www.youtube.com/watch?v=Sb6ucR222EE 

After watching this video, you will need to fill out the “Briefing” form found in the folder under “Handouts” on the class Menu to the left.  

Submit your completed form by attaching a copy into the “Assignments” Submission folder for “Brief 1”.  (A link has been provided here in the Week 1 folder).

The Briefing is Due Friday night 11:59pm

Answer Preview 

The documentary explains how credit cards have remained a ubiquitous part of people’s lives. Credit, specifically in the shape of credit cards, is a critical element of consumerism. In addition to this, the documentary is attempting to explain how credit cards transformed from being a loss-leader to one of the financial institutions’ most profitable services. It is clear from the documentary that in the late 1970s financial institutions were massively losing money on credit cards. Furthermore, the documentary explains how the big financial institutions were crippled by the state usury legislation from increasing their interest rates sufficient to remain ahead of inflation.

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