PBS Frontline Secret History of the Credit Card
In “Secret History of the Credit Card,” FRONTLINE® and The New York Times join forces to investigate an industry few Americans fully understand. In this one-hour report, correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt. “The almost magical convenience of plastic money is critical to our famously compulsive consumer economy,” Bergman says. “With more than 641 million credit cards in circulation and accounting for an estimated .5 trillion of consumer spending, the US economy has clearly gone plastic.” Millions of American families use their personal, general-purpose credit cards such as Visa, Mastercard, American Express and Discover to make ends meet; credit cards have been a discreet lifeline for families in financial straits. But other consumers, like actor and author Ben Stein, use plastic purely for convenience. While it would appear that Stein — who says he charges a small fortune every month on his credit cards — is the ideal customer, in reality, he is what some in the industry call a “deadbeat.” That’s because he pays his balance in full every month. The industry’s most profitable customers, the ones being sought by creative marketing tactics, are the “revolvers:” the estimated 115 million Americans who carry monthly credit card debt. Ed Yingling, incoming president of the American Bankers Association, tells FRONTLINE that revolvers are “the sweet spot” of the banking …
Video Rating: 4 / 5
Nick writes, “The world is evil. That’s why you use credit cards.”
Video Rating: 4 / 5
omg im obsessed with the Frontline theme music
@flukes777 LOL! Turn the other cheek!
@boumar19721972 As a church reverend, I am deeply offended by your remark.
Reverend Q. K. Fastcash.
I always pay ahead of time but this one instance I lost a bill and I knew a payment was going to be due so I made a payment by phone to Chase at about 12:30pm Central time and they told me I had to pay a late fee of $15 because it had to be made by 2:00pm Eastern time and it was now 2:30. I argued with them saying it does not state that on the bill so they finally removed the late fee but said paying late would remain on my history. Fucking crooks will get you anyway they can…
I am 60 years old and this programme has educated me . I can hardly beleive what I’ve just been taught, but I do and will now be running down my credit card loan. Thanks ‘FRONTLINE’.
Isaac
Fair “Isac” sounds jewish
Kahr is a jew can u tell
lol “BJ’s” credit card
This should be part of the school curriculum.
Wow!!! All this bickering in here. Why? We all will be Dead…..in time. Love…Give….and Live.
I mostly sell platium cards which can be verified before,if your in need of a supplier that speaks english, can sell u various card info i’m your man i have phone number which can be reached Mastercard amex visa discover i have them all. U can purchase 1 test for 6 usd credit_carder@yahoo.com, for all those new comers no one sells western union transfer, if that was possible i would send to my self, and there is nothing called dump with pins because only the banks give the pins, check my Video
anyone rooted into the credit card industry has this neurotic glaze in their eyes. Its a sad reason for living–basing your life on profits.
@DADALINC Hide away from the awful truth.
God created the devil. The most evill thing ever done in the history of time.
@NoWitnessesNoRegrets TO YOUR INFORMATION REGION HAS NOTHING TO DO WITH RACE……..TRUSTING IN GOD DONT MEAN YOU BELONG TO A RELIGION…..SORRY I AM NOT A MUSLIM OR CHRISTIAN…BUT I BELEIVE THERE’S GOD……TALKING ABOUT AIDS………..ONECE AGAIN GOD DONT AIDS TO PEOPLE ……….IT’S THE IDEA OF THE DEVIL………..AND I F I MAY ASK WHAT RELIGION ARE YOU.
@DADALINC So then your god is not in control. If people are getting aids without him knowing.
ALL CAPS RAGE ARRRGGGGG.
I’ve just realised you are black. How could you be part of a religion that has enslaved and tortured your African brothers for centuries. Try and realise these evil men still have a hold on your mind, they’ve brainwashed you into believing fairy tales.
You are a product of evil men and so is the bible.
@NoWitnessesNoRegrets ALMIGHTY GOD THE CREATOR OF BOTH HEAVEN AND EARTH WILL NOT DO SUCH A THING…..IT’S AN ACT OF A EVIL PERSON……..GOD WILL NEVER GIVE AIDS TO KIDS…….WICKED AND EVIL ONE S DOSE THAT…….I THINK YOU ARE THE SICK PERSON..NOT ME….YOU NEED A DOCTOR.
what does this have to do with credit cards
@DADALINC So you think giving aids to babies is a good thing. What kind of sick person are you?
@NoWitnessesNoRegrets GOD IS GOOD
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thats why i use pre paid gift credit cards for my online purchases
I like looking at you and listening to you say words… you’re HOT!
Then you could not spend money you did not have
… >.> Why not just deal with money? The touchable kind.
so what credit card company does he work for?
So if buying something that breaks the minute you get it is evil, then the xbox 360 is pretty evil.
@tomatowatcher When it’s over a yer, they just add another year. 2-3. 4-5. 6-7. etc etc.
I had one 10 credit cards with total of 46K once never again would I have a credit card
Interest is evil, that is why it is forbidden in Islam-both to use interest against others, and to allow someone to use interest against you.
doublest the amount …
i see: 1 year becomes 2 -> agreed
3 years becomes 4 -> what ? … NOOO !
3 times 2 gives you 6
Math is not a religion there is NO room for interpretation
Why is it that people can’t understand what a rip off credit cards are if you don’t pay them off every month??? I grew up with a mom always in debt and I learned from that…ever since getting married I NEVER buy ANYTHING unless it can be paid off when I get the bill…we only use the one card for everything because we get 1% back…but it gets paid off every month, we’ve never paid interest…ever!!!
YOu really need to talk to Dave Ramsey!