HISTORY 100AC Lecture Notes - Lecture 17: Materialism, Universal Credit, Credit Bureau
28 Feb 2018
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Upper (cid:272)lass looked do(cid:449)(cid:374) o(cid:374) (cid:862)(cid:272)o(cid:374)su(cid:373)pti(cid:448)e de(cid:271)t(cid:863) (cid:271)ut appro(cid:448)ed o(cid:374) (cid:862)produ(cid:272)ti(cid:448)e de(cid:271)t(cid:863) (cid:862)chara(cid:272)ter is the poor (cid:373)a(cid:374)"s (cid:272)apital(cid:863), a saying, where credit was given through trust, personal relationships, and character. After wwii, stores need to grow profits so they suburbanized, increased cred limits, and introduced option accounts that allowed customers the option of delaying payment by. 30 days: banks start to back store credit cards, banks start to issue universal credit cards, ba(cid:374)k of a(cid:373)eri(cid:272)a sets up shared (cid:271)illi(cid:374)g syste(cid:373) vi a. Require customers to participate in shared credit information database, make sure their data was accurate, and now computer algorithms replace people as judges of credit: computer algorithms could tell you race and gender based on buying (cid:271)eha(cid:448)iors/zip (cid:272)odes. 1970s, debt increased, incomes do not increase: credit instability. Today: ba(cid:374)ks (cid:449)a(cid:374)t (cid:272)redit (cid:272)ard holders (cid:449)ho are(cid:374)"t too poor, (cid:271)ut are(cid:374)"t too ri(cid:272)h, most profitable credit card holders: recent graduates from college.
