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[00:00.41] Despite these initial losses, US banks remained devoted to credit cards.

[00:05.46] At this time, it was illegal for banks to build branches outside their home state, so mailing credit cards was their best bet for attracting out of state customers.

[00:14.76] And once they brought in these new clients, they could sell them big ticket items like home and automobile loans.

[00:20.60] This led banks to double down on credit cards.

[00:23.79] They invested heavily in early computers to process charge slips, and began running ads that promised a more luxurious standard of living.

[00:31.76] These ad campaigns shifted the American attitude towards credit from one of shame and financial dependence to a celebration of financial freedom.

[00:40.53] However, the reality of these lending systems was far more exploitative.

[00:45.31] From 1956 to 1967, consumer debt increased by 133%, and concerns about consumer safety led to a surge of anti-credit activism through the 1960s.