Insane Story of How Credit Cards Enslaved Everyday Americans. How credit card controls your world.
Many people need debt to finish school, debt for daily purchases, debt to get to and from work and more debt to afford a roof over their heads. Debt is so embedded into our culture and the way we thinking and feel about everything… that it is surprising that very few people know very little about the history of credit cards. The story of how credit cards came to be is fascinating and filled with stories within stories. There is competition, innovation, marketing lessons, how consumer protections were influenced and much much more. Many companies including Western Union, Diners Club, Citibank, Chase and Bank of America played a key role in creating the modern day credit card system that we use today. But the people and laws that made it possible are often forgotten. People such as John Biggins, Frank X. McNamara, Joseph P. Williams, Clark Beise, Duncan A. MacDonald and many more. The effects of credit card debt is well documented what isn’t is how it all ties in together and that is what we will learn today.
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Chapters:
0:00 – Ground Zero
1:20 – Competition Heating Up
4:53 – How The Law Made It Possible for Credit Cards to Enslave You
6:14 – Low Hanging Fruit
8:00 – So Who’s Fault Is It?
***Below has been added on February 15th, 2023***
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