Credit debt in historical context
After World War II credit became part of the mass market. In 1958 Bank of America introduced a credit card that in 1976 was renamed Visa. The combination of aggressive merchandising and government laws prohibiting racial and ethnic discrimination in lending led to a huge expansion of borrowers. One reaction to the anti-discrimination laws was the use of impersonalized, computer-driven credit scores to determine loan eligibility. Now U.S. businesses buy 10 billion FICO scores annually.
comments powered by Disqus
- WWII Atomic Bomb Project Had More Than 1,500 “Leaks”
- Neanderthal 'Art' Found In Cave Sheds Surprising New Light On Ancient Intelligence
- Midterm Election Mind-Reading: The Market Tends to Win
- Proof surfaces for affair between Queen Victoria and her male assistant
- Could humans cause another Paleocene-Eocene Thermal Maximum?
- Pro-Israel website chides Middle East Studies professors, claiming they’re apologists for Hamas
- UCLA Economist, Known as Railroad Historian, Dies at 89
- David Rosand, an Art History Scholar Whose Heart Was in Venice, Dies at 75
- NYT interviews Rick Perlstein about his book