sosc_creditcard - Reaction Paper Sociology 223 Most...

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February 11, 2008 Reaction Paper Sociology 223 Most families in the United States have an average of eight credit cards  according to the program released by Frontline, “Secret History of the Credit  Card”.  The credit card was said to have been created as a “great convenience  for the consumer”.  The consumer and the credit card company often are at war.  Some examples are the confusion of the contract, regulation issues, and lack of  payments. The credit card was first created in Sioux Falls, South Dakota.  It was one  of the first major credit card locations in the America.  In New York, Citibank was  hemmoraging money; their interest rates were up to 20%.  They wanted to move  their business, and were relocated in South Dakota.  There was a Supreme  Court ruling that interest rates could be ported out of state.  Other banks soon  followed what Citibank was doing, and Delaware became the new place of  business.  More people were able to obtain a credit card.
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The American Bank Association was created.  They made a huge profit  due to the risk that the banks were enabling for the consumer.  The bank would  hand out unsecured loans, and this would be a risk to the bank because the  consumer may not pay the bank back.  If the consumer can not pay the back the  loan back, they would be charged many different fees.
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This note was uploaded on 04/07/2008 for the course SOC 223 taught by Professor Park during the Spring '08 term at SUNY Cobleskill.

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sosc_creditcard - Reaction Paper Sociology 223 Most...

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