The Secret History of the Credit Card

1. What do you know about credit cards? People use credit cards to purchase items that they cannot afford to buy with cash, and when they get the bill the relize that they cannot afford to make the payment.
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 that the average person has probabaly 'bout 5-6 credit cards; some probably have way more. I think that people have more than one credit card , so that incase something happens to one, they have a another they can use.
3. What information in the documentary suprised you the most?
The thing that suprised me the most was learning about the way the credit card companies did business. I didn't know that they could do half of the things that they can.
4. Do you think that the government should have a role in regulating who can get credit cards and what intrest and fees consumers should pay? If so, who should be the regulators? Who would benifit from such regulation? Who would lose? Explain. I believe that the government should have control over the reasons a credit card company can raise your interest rate, because I think that some of the reasons the companies raise interest rates are just plain STUPID. For example; if you miss a payment on your car, house, or any other bill (other than your credit card bill) the credit card companies could still raise your intrest rate; regardless if you make your credit card payments or not.
5.How, according to the four "normal consumers" in the documentary, does owning a credit card or credit cards affect purchasing decisions? They would use their credit cards to purchase things that they could not afford by paying in cash. For example; one of the consumers used their credit card to fly first class, another would use it to purchase an expensive dress.
6.Who loses and gains the most from credit card companies' policies? Explain. The credit card companies gain the most because they can increase the intrest rate anytime they want.
7. Has the documentary influenced how you might use credit cards in the future? Explain. If i get a credit card i will try to use it only in emergencies.