Which statement is not true regarding the credit industry in America?

The statement about the credit industry not having changed much since 1917 is accurate because it overlooks the profound transformations that have occurred in the credit landscape. Since 1917, there have been notable developments in the accessibility of credit, regulatory frameworks, and the variety of credit products available. The introduction of credit cards, for instance, revolutionized how consumers access credit, offering convenience and flexibility that didn’t exist in the early 20th century.

Additionally, regulation has evolved significantly, with laws introduced to protect consumers and ensure fair practices in lending. This has led to increased competition among lenders and a broader awareness of credit terms among consumers. Consequently, the claim that the credit industry has remained static is misleading and does not reflect the dynamic nature of credit in the modern economy. Understanding these changes is crucial for effectively navigating personal finance and making informed decisions about borrowing.