Secret history of the credit card – UPDATED

Broken Dollar

UPDATE

I added direct links to the videos below:

Over a Thousand Miles from Wall Street…
How the unlikely state of South Dakota became the place where America’s credit card industry first began to really take off

A Closer Look at the Industry’s Best Customers

The big profits come from the 90 million who don’t pay off their credit card debt. The industry’s success has also been shaped by the genius of financial innovators.


Credit Reporting Agencies/Traps in the Fine Print

Why it’s important to understand your credit score and how it is compiled and also to read your credit card agreement — hard as it may be to decipher.

More Complaints Than Any Other Industry

Consumers’ banking/credit card complaints increase. But the federal Office of the Comptroller of the Currency, which regulates the national banks, has been engaged in what some call a “turf battle” with the states’ regulators

The Efforts To Get Reform

Sen. Chris Dodd has introduced a credit card reform bill that would curb industry practices. But Dodd’s many previous attempts to reform the industry have all failed.

Memorable Quote: “The issuer can change the terms and conditions at will . You could be offered a 0% or 5 % interest rate today… and two months later that interest rate could be 30%”

In “Secret History of the Credit Card,” FRONTLINE® and The New York Times join forces to investigate an industry few Americans fully understand. In this one-hour report, correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt.

Secret history of the credit card: watch it online