Secret history of the credit card

1. What do you know about credit cards? How do they work?
Credit cards are something that help people sometimes and put people in bankrupty cuz certain people just want to spend more and more money on things they dont really need. people get all this stuff just to make themselves look cool i guess. The way credit cards work is the company send people letters in the mail trying to conveive them to get the cards so that way the company can get more and more money and put people in danger of losing everything they have cuz if you have a credit card it will make you lose a bunch of money just trying to pay it off and than you will start to lose everything you have


2. How many credit cards would you think that the average person uses? Why do you think people have more than one credit card?
I think the average person uses about 5 to 10 credit cards if not more. People have more than one credit card cuz so that way if they run out of money on one credit card they have all the others to use more and more money.


3. What information in the documentary most surprised you?
Nothing really surprised me i already knew credit card companies' was screwing people over cuz thats all they want to do and i already knew most of the stuff thats in these vidoes but most of it i didnt know but nothing in the vidoes surprised me I just dosent shock me


4. Do you think the government should have a role in regulating both who can get credit cards and what interest and fees consumers should pay? If so, who should be the regulators? Who would benefit from such regulation? Who would lose? Explain.











5. How, according to the four "normal consumers" in the documentary, does owning a credit card or credit cards affect purchasing decisions?











6. Who loses and gains the most from credit card companies' policies? Explain.
The credit card companies' gain the most and the people who own the credit cards lose the most and the people who own the credit cards lose the most because when the people who own the cards buy so much stuff where they can't pay off bills makes them have to pay more money on the bills so it makes the credit card companies' gain more money or gain more of anything pretty much


7. Has the documentary influenced how you might use credit cards in the furture? Explain.
Yes, because i don't want a credit card i don't want to lose everything i have just because of a credit card that i couldn't pay off or something like that.


8. Law professor Elizabeth Warren noted that families se credit cards to bridge the gap between what they earn and what they spend. What factors can lead to their inability to make required payments?