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| Topic | So I was reading up on credit in the US and it's kinda blowing my mind |
| Peace___Frog 01/11/23 1:00:57 PM #33: | As far as how credit cards screw over the have nots, plum, have a read on where the money comes from. https://www.vox.com/the-goods/22454885/who-pays-for-credit-card-rewards Stavins is the co-author of a recent paper from the Boston Fed that looked at who winds up paying for credit card reward purchases. They found that in the US, high-income consumers pay an average of $13 less per month through retail prices, and low-income people pay 60 cents more, because of swipe fees on merchants. Rich consumers spend more overall on fees, but its because they spend more in general. When it comes to a percentage of transaction values, its poorer people who lose out. --- ~Peaf~ ... Copied to Clipboard! |
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