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Quote by Richard Thaler

“Credit cards have been extremely profitable to banks. They're profitable not from the fees they collect from the retailers that use the credit cards, that pays the bills, but the real profits come from the interest payments and the charges to users that are unexpected.”

Quote by Richard Thaler

Author

Richard Thaler, born on September 12, 1945, is an American economist renowned for his contributions to behavioral economics. Professor Thaler is a faculty member at the University of Chicago and is considered one of the pioneers of behavioral finance. His research focuses on how human behavior influences economic decisions and how these behaviors conflict with traditional economic theories. more

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“Is there a market for somebody selling a credit card that helps people pay down their balances? I think the question is yes. But it would have to be sold by a bank that's really willing to invest in being a trusted partner with its consumers, because they will make less money on each consumer.”

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“If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.”

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“You'll also need to invest in yourself with the kind of promo that targets your specific audience to help build that word of mouth. Most importantly, believe in what you're doing and in your music and lyrics.”

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“he card companies will often, as a courtesy, honor that credit card, but hit you with a penalty. And you keep swiping your card for $3 at Starbucks for your latté, and you're getting hit with a $25 penalty because it's over your credit limit.”

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“It would be much more consumer friendly for them to beep you when you swipe your card that says, uh-oh you're over your limit, are you sure you want to use that?”

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“Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.”

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