Credit Card Exporting

USA Today reports (U.S. exported its aggressive credit card fees worldwide) on the history of credit cards and their export. A timeline of key developments is included, and wow! Look at those balances! The U.S. has 775 billion in credit card debt.

From the article: “For a while the United States was exporting … tobacco and Coca-Cola,” says Kathleen Engel, a law professor at Suffolk University Law School in Boston. “The United States’ big export now is different financial services products, abusive mortgage loans and credit card practices.”