"We all are a victim of our own forgetfulness!Most of our weekdays are spent at work, and weekends with our families and other social commitments. Our mind is always occupied with some thoughts about tasks, to-dos, etc. Most of us do use credit cards to use at many point of sale counters, fuel, phone bills, and so on. Have you ever wondered how the credit card business makes money?
- Myself :-)
This is where the Business of Human Forgetfulness comes in. A big number of credit card users forget the due date for payment amidst busy schedules at work and outside life. If not completely, users default the deadline by atleast a day. This way the credit card companies make huge profits. Just imagine the shopping people do during festival seasons like Christmas and New Year, and the resulting swipes made using credit cards.
The credit card industry started the trend of exploiting human forgetfulness, and has been the biggest exploiter till date. But there are other secondary industries which have exploited this weakness of humans. These industries have used this human weakness by getting them subscribe to their services and products using their credit cards.
The concept of using credit cards on a daily basis was very common in the Americas and Europe for a long time, but since the past many years, even Asians have started to use credit cards big time. This has made people spend more than they have, and live on tomorrow's money. This way, human forgetfulness has changed the global economy.
More on business in my next post.