These remarks represent my  own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. 2 A. Dumont, D. Davis, J. Wascalus, T. Cheeks Wilson, J. Barham, and D. Tropp.
This has allowed more ordinary people without access to credit to now have access and on clean basis. However, this growth has also come with a price in the form of increased volume of bad accounts. Many of the problems were traceable to the fact that some new cardholders did not really understand the obligations and responsibilities that came with them.