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[00:00.15] This movement was dealt a devastating blow in 1968, when the Supreme Court removed the cap on state interest rates, allowing massive interest hikes throughout the 1970s.

[00:11.31] New complications emerged in late 80s with the invention of credit scores, which reinforced the racial, gender, and class biases already impacting credit card applications.

[00:21.14] Today, credit cards are a $500 billion industry.

[00:25.12] Banks consider these lines of credit when deciding whether or not to approve loans, incentivizing customers to maintain multiple credit cards.

[00:32.56] And since most users don't pay off their bills in full each month, they rack up debt and endless interest payments.

[00:39.20] By the end of 2023, credit card debt in the US alone exceeded $1 trillion.

[00:45.58] So while the earliest credit cards may have been the most limited, they might have actually been the best for our wallets.