Please answer the following questions in complete sentences as you listen to the Warren interview (there is a link under the “Resources” tab), and bring your responses to class tomorrow.
- How do credit card companies make money? Include as many examples as you can.
- What are some reasons credit card companies use to justify raising your APR?
- Explain “universal default.”
- Describe the experiment that Elizabeth Warren conducted with her law school students. What did you learn from her experiment?
- According to Elizabeth Warren, how long would it take a couple expecting a baby to pay off $5000 in baby supplies if they only make minimum monthly payments? What is your reaction to this?
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