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Credit cards as a legacy system

bitsaboutmoney.com · 4,098 words · saved by 1 readers

Credit cards have been in use for almost 75 years. Some long-ago decisions still cause consequences in the present day. But change is possible.

Credit cards as a legacy system Patrick McKenzie (patio11) • Dec 2nd, 2022 If credit cards were a person, they’d be retired already. You can generally trace the birth of the industry to the Fresno drop of 1958. They have greatly increased in importance to the global economy, and become a pervasive bit of economic infrastructure, but still owe a lot of how they function to decisions made in the 1960s and 1970s. Some of those decisions are less than optimal given how the world has changed in the interim. In engineering, we’d describe this as a “legacy system.” Important? Certainly. Difficul

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