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Credit card balances spiked in the third quarter to a $1.08 trillion record. Here's how we got here (www.cnbc.com)

submitted 2 years ago by throws_lemy@lemmy.nz to c/news@lemmy.world

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[–] Johanno@feddit.de 8 points 2 years ago (1 child)

They noticed that everybody else was rising the prices and that they can get away with it.

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[–] ShaggySnacks@lemmy.myserv.one 5 points 2 years ago

When you get fit everyone a board room table, you don't have competition. You have an oligopoly. At the highest level of these companies, everyone knows everyone. They all go to the same events, people have moved around between the companies, and they all run in the same social circles.

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