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The Socialist Program with Brian Becker
Why Are Workers Drowning in Credit Card Debt?
Feb 21, 2024
Discussion on the rising credit card debt among workers and Capital One's bid to acquire Discover for over $35 billion. Insights from Professor Richard Wolff on economic inequalities and the need for systemic change. Exploration of historical shifts towards consumer credit, its impact on working-class families, and the looming crisis of credit card debt in America.
26:54
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Quick takeaways
- Consumer credit cards were introduced in the 1970s to bridge the gap between low wages and rising living costs.
- The systemic nature of credit card debt is intertwined with capitalist profit-making, unfairly blaming individuals for financial struggles.
Deep dives
The Rise of Consumer Credit Cards
Consumer credit cards became widespread in the 1970s, providing the average working class person access to credit for the first time. This shift was driven by the need for individuals to afford a rising standard of living that outpaced wage increases. Banks seized the profit opportunity in consumer finance by lending money to the desperate working class, leading to a cycle of borrowing for homes, cars, credit cards, and education. However, the interest rates on consumer credit cards are excessively high, reaching up to 25%, making it a lucrative yet risky endeavor for banks.
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