The Secret History of the Credit Card (full documentary) | FRONTLINE
The Secret History of the Credit Card (full documentary) | FRONTLINE
FRONTLINE and The New York Times examine how the credit card industry became pervasive, lucrative, and politically powerful. (Aired 2004)
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Millions of American families use their personal, general-purpose credit cards to make ends meet. With no federal laws on the amount of interest or fees that can be charged, credit cards have become the most profitable sector of the American banking industry.”] In “Secret History of the Credit Card,” correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt. Some experts argue the profitability of credit cards began when the banking industry successfully eliminated a critical restriction: the limit on the interest rate a lender can charge a borrower. Deregulation, coupled with a revolution in technology enabled the almost real-time tracking of personal financial information and the emergence of nationwide banking, facilitated the widening availability of credit cards across the economic spectrum. But for some, the cost of credit is often far greater than it appears.
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Naw they be using it in the strip club , then reports it stolen 😂
I hate credit cards. I learned my lesson in the 1980. I have learned that you will NEVER have financial FREEDOM when you have DEBT. I’m Free from you. Sucking legal theives…..😊
It’s a Hoax😮
Credit Cards Is Good If u are a credit card person but if u don’t know how to manage your in trouble big time
You left out the 1 to 5% up front charge to merchants when one uses these credit cards.
File bankruptcy you’ll get tons of credit cards, you get tons of credit cards coming after you because they know you don’t have any debt anymore
Stupidity and Greed is the demise of the American Republic
If you are using Credit Cards you are a fool and deserve everything you get. Stop using them move your money from the big banks to a dont use regional banks join a Credit Union
Never owned a CC and so far so good! Got cash? Buy it don’t have Cash? you don’t need it!
He said….. "its nice to be able to spend ewhat you dont have" Wow..exactly why where are now because they gave us that option.
So all bankers is a big liars use me as your gold money.
No one is astonished by the clear eye guy being here? Just me?
This documentary needs to be played to every high school student in America.
I am really shocked by Elizabeth Warren making some sense.
I have lived without a credit card since 2005. I have never had a problem doing business without one. I just use a debit card.
These credit cards do not exist in Europe. The law in USA allows banks to force stores to accept credit cards equal with cash or debit. In Europe, stores can charge a higher price for credit card sales, and even different fees for different cards. So most people do not use credit cards, and the credit card banks here can not charge the fees to support all those free benefits and cash backs in the USA.
This is the second time I have seen this documentary on credit cards inception and usage. It is amazing how all this keeps the bankers in top shape in most cases. Even in the 2023 timeframe they are still king of the banking fee hill.
Since everybody got credit card y’all going to be paying this month bills. forever for eternity that’s the CEO want to as pay your garbage for and on every ot for a the satan world on this Earth
Hey man ❤❤❤❤❤❤❤
Crooks, now that you know their corruption what are you fools going to do about it.
14:07 this is not talked about NEARLY enough when the credit card issue is raised. People living on their credit cards because they have to that would otherwise not and would be paying off balances in full if they could
The grey haired lady from the OCC is on the bankster’s payroll. No doubt about it. 🇺🇸
Do not worry because you live in the best country on earth 😂😂😂😂😂
Been in this country for 28 years. I had always refused to participate in this vulture capitalism bullshit system. Fuck credit! Fuck credit cards ! The best credit is CASH!
Surely the Government must put a cap on crazy interest rates… 🙈🙈🙈
well the secret is don’t have a credit card. If you don’t have the money to spend, credit card is not a solution myself I never had or wanted a credit card. The Banking cartel like to control you with credit cards.
If this guy ever lose some of his cards are get rob he’s in trouble
They need to also look into Public Storage. They are very brutal with their business practices. They are the worst in the industry.
He’s not telling the truth! They sell the debt to collections! If their money and then collections comes after you and report you to the credit bureau.
Have a contract collection agency you have a contract with the credit card company .
Did you know you can take them to court and get debt dismissed!? That’s what I did.
You know what the collection agency still harassing me so I’ll be suing them🤑🤑🤑
It’s illegal for them to harass you once you go to court and get it dismissed they can’t even put it your credit.
I never had a contract with Midland does a report to credit one card that I’m in default and delinquent with TransUnion!
I’m a docket number I have the whole decision by the judge that it’s all been dismissed and I won’t have to pay anything in the future! I’m suing the hell out of them!
Crooks ruined a great nation for simple greed!
Can you imagine living without a credit card, I’ve done that my whole 57 years.
People who pay off their cards every month in full are not ‘deadbeats’ to the credit card companies. They consume substantially more than they would using cash. You don’t feel the pain emotionally as one healthily should in every transaction. The cc companies still make substantially more profit on them. Granted, not as much as on 30 percent interest though…
credit card companies should have the decency of sending Vasiline to its customers who apply for new cards, for the railing they will take in the long term
I use the credit card like a debit card. Pay off the bill every month and don’t spend more than you can pay, then collect the bonuses
The new Mafia, but worst!
Before the watching American public knew Elizabeth Warren was an absolute Socialist, liar, lunatic
Omg we are so happy we didn’t have credit card debt since 2016. We learned to live frugally and now we saving 65% of out salary. We save for everything first before we buy anything. Life is so much easier😊
0:31: 💳 The credit card industry’s rules and practices are causing financial difficulties for many consumers.
5:04: 💼 Citibank moved its credit card operation from New York to South Dakota in 1981 due to an obscure Supreme Court decision that allowed banks to export their interest rates to other states.
10:06: 💳 Credit cards are seen as a necessary and addictive tool for consumers in American society.
19:35: 💳 Credit card users keep cash in the bank instead of paying off their credit card debt, believing it to be a financial safety net.
24:02: 📝 Many individuals are unaware of their credit scores and do not understand the terms and conditions of their credit cards.
28:53: ! Credit card company raises interest rate and minimum payments for a customer based on a past late payment with a competitor’s credit card.
33:57: ! Fees and interest rates charged by banks have become a major source of profit, with fees no longer regulated and interest rates subject to change with 15 days notice.
39:31: 🔍 The OCC challenges the jurisdiction of the San Francisco district attorney in consumer enforcement actions against banks.
45:06: 🔍 The OCC’s actions have not stopped the Better Business Bureau from receiving numerous complaints about the banking/credit card industry.
49:24: 😞 Lawmakers have struggled to regulate the credit card industry due to its political power and success in defeating legislative attempts for reform and consumer protection.
Recap by Tammy AI
Docket with all the information and what the judge said stating that I don’t have to ever pay it it’s dismissed it’s gone there still reporting me can you believe it? They started coming after me to Midland credit. I got summons to go to court from credit one which is the bill that they sold to Midland. Judge dismissed the whole thing, I don’t have to pay them anything not even in the future. And then they sent me paperwork saying that they’ll just miss me with prejudice saying that they can come after me! Dismissing the judgment of the Court!!! 😅😂🙏🤑🤑🤑🤑
I am the one who pays them off. Every time O would get to last of it. Companies, banks, credit cards always make huge errors of which they will not correct. Which bounces back and forth. Until all cards are full. Fraud added to this at the same time. This is delibrate. Yet I get them sending daily to my home. Pushing for me to do it again. Because, I never missed a pmt. They are corrupt. As soon as I get to 880’score. It also happens. This is high blue collar crime. They all work together. Jail the f’s.
You know how to make sure this doesn’t happen to you? Don’t take out a credit card. If you don’t have the cash, you can’t afford it. Simple.
Pocahontas
The whole thing about credit is how to say it as I repeat donot try to keep up with your neighbors we all only need the basics to live decently properly it it works keep it who really needs the latest style of things like automobiles fashion we wear cut down on driving reuse item when possible donot be part of our wasteful use once throw it away society do more walking cycle riding better for our health before I say more I was never perfect who really is or mistake free I never was your average idiot citizen who only works wants for higher priced items in my line of work I take what I get a little or a lot never not anything half a loaf is better than nothing Benjamin Franklin said it best a penny saved is a penny earned I could tell you all how wasteful mucho volks are in this so called great USA country time items we could reuse waste of natural resources $$$$$$$$$$$$ dinerohow we hurt our health lose sleep not enjoying life often enough and remember volks it is not what we do but how things are done we donot do things mucho donot the easy way put recycling seperate trash in another pail besides after woods it take mucho more time to seperate it all or trips shopping to purchase new items spending mucho dinero that takes time to earn doesnot grow on trees I work both easy time consuming hard for my $$$$$$$$$$$$$$ each day varies so does your health weather automobile cycling troubles life is never always predictable bad roads closed businesses machine break down at times it is not what I do but others who donot do things properly causing our troubles like my nursing home living I believe I could get nicer health and medical care but restrictions volks donot allow it I have seen volks doing wrongs haste makes waste does not always get things done faster with credit cards we spend what we donot have or earn slaves to debt how mucho items thrown away mucho nice fashions because of not being the latest styles that comes back two years later no one ever mentioned how mucho containers of automobile motor oil or liquids are not fully drained I use to or would drain them while I sleep saves money polution time no I never was cheap just a nice sensible fellow who use his head for more than a hat rack it takes two to tango or time to earn money do things repeat shopping how where you live is travel distance to shopping doctors health care medical automobile shops auto work how time wise it takes to makes to make new items things the average idiot person does not think about or is so use to use once throw it away too mucho trouble out of sight out of mind yes throw it away but where and please donot ever call me or others mucho loco dinky Dow how mucho $$$$$$$$$is saved items found reuseable or money found each day who knows until cam on ong lam gracias volks have a nice day unless
Now you know who owns your Politicians in your state and DC.
😢
interest rates mean nothing if you pay it off monthly
Is that THE Elizabeth Warren? 13:34
Reganomics, turned the United States economy into a gambling casino.
Iie
So you know Banks have money. Nobody else. Why ask me.