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Why Credit-Card Companies Keep Sending You Mail

A new Federal Reserve working paper sheds light on lenders' solicitation strategies.
So many credit cards, so much mail.

So many credit cards, so much mail.

Photographer: David Paul Morris/Bloomberg

It's sitting in your mailbox, another thick envelope. You pick it up. It is pleasing to the touch. It has a shiny logo. 

Its outward elegance belies the crudeness of the message within.