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Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Frontline Program on Credit Cards

PBS, in its "Frontline" program tonight, ran an excellent program called "The Secret History of the Credit Card."  The primary focus was both upon the reason why credit card interest rates, considered "usereous" in most other financial fields, are permitted by credit card companies, and on the unregulated ability of credit card companies to change their prior contracted interest rates at their whim whenever a client has any late payments on ANY other  type of loan or credit card with ANYONE.  An excellent program that is a must see for anyone using credit cards.  Contact your local PBS station to inquire on dates for rerun of the program in your area.  It will open your mind, I guarantee you!!!!
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Frontline Program on Credit Cards

Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Re: Frontline Program on Credit Cards

The secret to avoiding interest rate increases on a CC is to never carry a balance high enough for interest rates to matter. Say you're carrying a $22 balance and they threaten you with a ratejacking. The proper response is (dripping with sarcasm): "Oh no, I'm SOOOOO scared, PLEEEEASE don't do that, anything but ANOTHER $2.23 in annual interest payments..."
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in a credit-scoring postnuclear Stone Age...
Established Contributor
so_confused
Posts: 630
Registered: ‎06-20-2007

Re: Frontline Program on Credit Cards

WOW! just watched the whole thing online....scary...very...very scary!
9/18/08 TU=707 EQ=706 EX=702
Regular Contributor
PeggyFair
Posts: 108
Registered: ‎06-19-2007

Re: Frontline Program on Credit Cards

I saw that. That show just reinforces the fact that you should never carry a balance on big corporate cards and to do your major banking with credit unions.
04/18/2008 TU 723 EQ 715 EX 746
Established Contributor
so_confused
Posts: 630
Registered: ‎06-20-2007

Re: Frontline Program on Credit Cards

After watching...I agree!!!  I think this link should be Stickied to the top. Everyone here should watch thi program.
9/18/08 TU=707 EQ=706 EX=702
Regular Contributor
ctrob
Posts: 186
Registered: ‎06-06-2007

Re: Frontline Program on Credit Cards

Thanks for the link Tusc - can't wait to watch it tonight...
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007

Re: Frontline Program on Credit Cards

Wow, the audacity of these CC companies.  They know for the most part, consumers may glimpse over the credit card agreement, but they don't really understand it unless they have an attorney sitting right next to them explaining.  This should be illegal, we are getting ripped off.
 
How can it be that credit is so important, yet the creditors take advantage of us and our lack of informity concerning things like that hurt us in the end.  I see why so many people take the cash only route.
 
 

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