Frontline is rebroadcasting "The Secret History of the Credit Card" tonigh

It's a must see if you haven't, they explain all the traps and tricks of the credit card industry. If you don't cut your card into a million tiny pieces after watching this, then you shouldn't watch it.

All payments cash on the nail.

Suckers...

ago. I'll never have revolving credit again.

i will be watching it and have passed the info on.

My local PBS station is running the "LA 2005 Holiday Celebration" or some such. :grr:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/
video and lots of useful info

I'll watch it soon.

Just to chime in here, I have only my Amex card, which of course gets paid off every month, and a Visa for emergencies that is secured with my house and the interest is deductible. Credit card companies are evil, evil, evil.

Remember when we could deduct our credit card interest and it was like 10% and we thought we were getting robbed?

What I thought was most interesting was the information on the percentages of Americans who pay off cards monthly versus those who make minimum payments and those who carry a balance.

We always hear averages of how much credit debt people have - but the averages don't paint the picture of the range of ways people use credit - from those who pay off credit cards monthly to those in extreme levels of credit debt, and how they get there.

Also interesting was how a catastrophic family event (illness or job loss) usually preciptates missed payments.

Additionally, how credit card companies raise interest rates when people are the least able to handle the addition to their bill.

Anyway - it's a great show, entertaining and informative, and I urge people, even the debt free or those who don't carry credit cards, to watch, because anyone interested in the economy or finance or sociology will find something for them in this show.

This is a wonderful documentary that reveals how the credit card industry really works. PBS is really the only place you'll see this info; there's a reason no commerical news will report on it. The power of the credit card industry is a key reason why the Bankruptcy Bill passed, consumer protections are being removed and more Americans are drowning in debt. It'll get you to cut up your card if nothing else.

I'm still keeping a couple of them for emergencies, but no more carrying balances and if they dump me so be it.

Only us a debit card. Been there, done that before, no thanks.

also posted a related story http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=104&topic_id=5637634&mesg_id=5637634