The progression from BankAmericard to American Express entering the market shows how quickly credit became normalized as a lifestyle rather than an emergency tool. These companies perfected the art of making debt feel sophisticaed and aspirational, especially AXP with their premium card positioning. The fact that we now have Klarna for DoorDash proves the slippery slope was real all along. When every transaction can be financed, nothing retains its true cost signal and price discovery becomes impossible.
The progression from BankAmericard to American Express entering the market shows how quickly credit became normalized as a lifestyle rather than an emergency tool. These companies perfected the art of making debt feel sophisticaed and aspirational, especially AXP with their premium card positioning. The fact that we now have Klarna for DoorDash proves the slippery slope was real all along. When every transaction can be financed, nothing retains its true cost signal and price discovery becomes impossible.
Price discovery and the sense of what things cost becoming blurred lines are absolutely problematic. Thanks for the comment!