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Questions and Answers

What was the primary funding source for the program mentioned in the text?

The Federal Reserve Bank
The Park Foundation
The John D. and Catherine T. MacArthur Foundation (correct)
The United States Government

What is the main focus of the program mentioned in the text?

Raising public awareness about environmental issues
Investigating the credit card industry's practices
Promoting economic growth and stability
Building a more just, verdant and peaceful world (correct)

What is the primary reason cited for the lack of credit card legislation to control abusive practices?

Lack of public awareness about the issue
The government's reluctance to intervene
The credit card industry's lobbying power (correct)
The complexity of the financial system

What role did credit card debt play in the economic meltdown?

It contributed to the housing bubble (C) Signup and view all the answers

What is the time frame mentioned in the text regarding the credit card industry's practices?

The past 30 years (C) Signup and view all the answers

What was Providian's business strategy?

Providing credit cards to high-risk borrowers who were previously denied credit (D) Signup and view all the answers

What was Providian's motivation for targeting high-risk borrowers?

To generate higher profits by charging higher interest rates and fees to riskier customers (D) Signup and view all the answers

How did Providian's strategy impact its reputation?

Providian faced criticism for its predatory lending practices and excessive fees (A) Signup and view all the answers

What was the annual profit figure mentioned for Providian?

Over $1 billion before taxes (D) Signup and view all the answers

How did Providian's marketing portray its credit card offerings?

As a way for customers to access credit and an affluent lifestyle (A) Signup and view all the answers