Secret History of the Credit Card (2004)


I am finding it hard to keep my posts short and sweet. So here we go again with the long, dragged out version-

To me, this is worth mentioning. The credit card industry is still doing as it sees fit to benefit themselves in this time of economic collaspe. They are making a tidy profit for themselves at the expense of those struggling to do the right thing and pay their bills in these hard times.

Maybe the credit card industry is not so much a secret anymore since this program aired on PBS a few years ago. It points out some of the sneaky, underhanded ways they operate.  I know that I cannot know everything and what I do know is not enough to protect me, as a consumer, against the big cooperations.  I don’t deny the debt that my family and I incurred and I don’t expect other’s to pay for our debts.  That is our responsibility.  But, I do take offense to being swindled and cheated.  I do mind that they change the rule in the middle of playing the game. 

For me and others to understand the fine print on credit card agreements I would have to hire a lawyer (yet, I chose to use them just the same and that would make it my problem). If I could hire a lawyer I wouldn’t have monthly statements as to how much I owe.  I would pay them in full each month.  I would be what the credit industry like to call  a “deadbeat.”   A deadbeat is one that pays his balance in full every month. I guess I will never be accused of being a deadbeat. “Well thank goodness for that ,” I say. “I would much rather be in debt the rest of my life then be accused of being a deadbeat,” she said with disdain and sarcasm.

The industry’s most profitable customers, the ones being sought by creative marketing tactics, are the “revolvers:” the estimated 115 million [plus] Americans who carry monthly credit card debt.

With all this spendulus, porkulus, earmarks, tax hikes, special interests, paying for someone else mortgage, friends, Romans, countrymen, lend me your ears speeches–“WHY DIDN’T ANYONE IN THE ADMINSTRATION ADDRESS THE LEGALIZE LOAN SHARKING BY THE CREDIT CARD INDUSTRY!!!”

Although this video is quite long to watch at one sitting, it may give some insight to those that may not have known about some of the dirty lesser know secrets of the credit card industry. Or you can visit Frontline’s- Secret History Of The Credit Card.

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