The Secret History of the Credit Card (full documentary) | FRONTLINE
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Published 2021-12-14
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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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All Comments (21)
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Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
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The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...
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This documentary needs to be played to every high school student in America.
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It’s painful knowing this was filmed in 2004 and what was waiting for them a few years later.
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Just paid off my $66,000 consumer debt earlier this year. Best feeling ever being debt free.
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9:50 “It’s nice to be able to spend what you don’t have.” 🤦♂️ That’s the problem
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My parents did not teach my sisters and I anything about finances. My dad was of the opinion that family finances were none of our damn business. I had to learn every thing I know from hard knocks and a career path into the banking industry. I also read voraciously every thing I could about budgets, credit cards, loans, so that I understood what was happening. We need to do better by our children by educating ourselves.
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Aired almost 20 years ago! It’d be nice to see an update on this report, things have changed so much.
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The college loan industry took good notes when this originally aired.
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My Father told me if you don't have enough money to buy something out right then don't buy it , or even worse borrow it.
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I have been following Ramsey lately and trying to pay off and cut up credit cards. This is amazing motivation!
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Amazing report. Released 19 years ago but so worth watching. Glad you posted it. Will share link to it with others.
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Nothing's changed after 19 years since this program was aired.
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My grandfather’s last words to me were: “Don’t spend money you don’t have yet.” I took his advice. I have no credit cards.
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It's crazy how we don't learn any of this in school..
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My Mom ALWAYS said, "DON'T SPEND MONEY THAT YOU DON'T HAVE!" Wise Words To Live By: 1.) ALWAYS pay your cards off every month. 2.) ALWAYS watch your FICO score. 3.) ALWAYS utilize credit below 30%. 4.) NEVER use the cash-back feature, NEVER carry a balance, and NEVER max out your cards. 5.) ALWAYS understand that the card issuer can change interest rates and balances without notice.
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The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
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Can you imagine living without a credit card, I've done that my whole 57 years.
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I am so glad all the Old PBS documentaries are available on youtube! A lot of them are seminal works.
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Genuinely invite Frontline to update these. Even a 15-minute epilogue on “Here’s what’s changed since we produced this in ‘04” would be meaningful and educational.
