Accounting Assignment

Movie: Secret History of the Credit Card

Answer the following questions based on the movie as provided in the discussion board.

1. How did the lack of a usury law in South Dakota (a.k.a. as the Marquett Decision) affect the credit card industry?

2. Approximately (at the time of this movie) how many Americans have credit cards? Million

3. According to the movie, how many Americans pay off their credit card bill in full every month? Million
The movie refers to this group as .

4. 90 million of Americans do not pay off their credit card bill in full every month, is this number startling to you? Or is this an acceptable number?

5. According to the movie, what is the average credit card debt for a family?

6. Are customers who make lower payments on their credit cards more profitable to the credit card companies?
Why?

7. What is meant by the term ‘Universal Default'?

Were you aware of this practice? And will it change how you manage your credit card payments?

8. Are the credit card companies conducting business in an ethical manner? Explain your answer.