topic Re: The Secret History of the Credit Card (full documentary) | FRONTLINE in Community Chat

The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 15:39:56 GMT

I found a documentary that I bookmarked so that I could go back and watch at a later date. It was a documentary on PBS.

Boy this episode about The Credit Card in America is eye opening. Anyone who participates in the credit economy in the U.S. should watch this. It talks about FICA (Fair Isaac) and the formulas (algorithms) to determine when to raise your credit limit and more. How to get you to spend more and more....

Some facts that I was not aware of is where and how "Credit Cards" began in our country in full thrust and how they figured out how to get the most $$$ from us..

I suggest watching this when you have down time; in it's entirety. Watch it all!

This was first aired in 2004, but is available here to watch right now!

https://www.youtube.com/watch?v=2mHsTKvAuZc

NO ONE IS ASKING YOU TO GIVE UP YOUR CREDIT CARDS IN THIS DOCUMENTARY. It's trying to teach you how to be smart and the remedies that you have when the banking industry picks on the little guys (us) when it comes to credit. Why your rates go up or down (it's not what we were taught).

I'm glad I watched because I can have a conversation about "credit" on these forums with facts. This is knowledge for us, not them....

Re: PBS Documentaries and News!!!!

phoenixbrd — Wed, 31 Aug 2022 03:48:49 GMT

Sounds interesting...I'm a loss to credit companies (although they still get paid from the store for using their credit)...I use the card and pay it off immediately. It builds your credit rating and you can acquire cash back or travel miles. I am going to take a look, thanks @gertrudecloset for the heads up.

Re: PBS Documentaries and News!!!!

gertrudecloset — Wed, 31 Aug 2022 03:54:11 GMT

@phoenixbrd wrote:
Sounds interesting...I'm a loss to credit companies (although they still get paid from the store for using their credit)...I use the card and pay it off immediately. It builds your credit rating and you can acquire cash back or travel miles. I am going to take a look, thanks @gertrudecloset for the heads up.

Watch this documentary @phoenixbrd . You will be mind blown. They are the only group that can change the cost of stuff that you purchased "after the fact." They can do this by changing your rates.

I hope everyone watches. Even if they watch 15 minutes at a time.

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

CoffeeNut — Wed, 31 Aug 2022 04:50:21 GMT

I've got the link bookmarked. It does sound interesting.

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

Desertdi — Wed, 31 Aug 2022 05:13:50 GMT

Don't people READ THE TERMS when they accept the card?

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

meallen616 — Wed, 31 Aug 2022 12:29:02 GMT

@gertrudecloset,

I will definitely watch, thank you!

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 14:43:11 GMT

@Desertdi wrote:
Don't people READ THE TERMS when they accept the card?

Please watch the documentary @Desertdi you will understand what's going on. People do the read the terms but it does NOT matter. Watch it and understand how this system works. One sided contract. Plz, just watch it if you're interested. You will learn a lot and it's very eye opening.

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 14:47:42 GMT

@meallen616 that's sooooo pretty! Yes, I hope I feel better today than I did yesterday. My lower back was killing me. Gotta slow it down.

Thanks for the beautiful pic!

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

Desertdi — Wed, 31 Aug 2022 15:00:31 GMT

@gertrudecloset Thank you!...but I'm OK. Worked in credit for a 5A1 primary metals company for years. Di

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 15:04:13 GMT

@Desertdi wrote:
@gertrudecloset Thank you!...but I'm OK. Worked in credit for a 5A1 primary metals company for years. Di

@Desertdi OK. You will learn more than that. You'd learn their side of the story. The part no one tells us, not them. This is meant to inform the consumer, not the companies and banks. Do what you gotta do though. I've watched it and plan to watch again. I'm not a professor demanding you write essay! LOL.

So, I worked for tax attorneys, then accountants, then entertainment attorneys for years, that's has nothing to do with the MASSIVE CREDIT CARD INDUSTRY in the United States......

Have a wonderful day Ms. Dessertdi!!!!

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 15:20:06 GMT

Enjoy it a little at a time. It might be hard to believe what is allowed @CoffeeNut

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

SilleeMee — Wed, 31 Aug 2022 15:32:05 GMT

I love my cash-back credit cards. Use them a a lot, pay them off each month and earn a little bit of money along the way. No worries about having to carry cash around when I shop and most places take a cc anyway these days.

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 15:36:03 GMT

@SilleeMee wrote:
I love my cash-back credit cards. Use them a a lot, pay them off each month and earn a little bit of money along the way. No worries about having to carry cash around when I shop and most places take a cc anyway these days.

This has nothing to do with that @SilleeMee . Nothing to do with how you use your card, why you use your card. This is giving a perspective by the Fed (Federal Reserve Bank) and the things the OCC doesn't do to protect consumers.

For goodness sakes.....

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

SilleeMee — Wed, 31 Aug 2022 15:46:26 GMT

Watching a docu isn't going to change the way I shop and use my cc.

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

Trinity11 — Wed, 31 Aug 2022 16:12:30 GMT

This video should be mandatory in high school classes across the nation. When you know better, you do better.

My husband and I were just discussing how low our interest rate on savings are. Yet credit cards are gouging young families starting out or anyone that has to resort to credit cards in order to stay afloat. I still do not understand how no politicians are addressing the high rates charged on credit cards. 😳

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 16:16:13 GMT

@Trinity11 wrote:
This video should be mandatory in high school classes across the nation. When you know better, you do better.

My husband and I were just discussing how low our interest rate on savings are. Yet credit cards are gouging young families starting out or anyone that has to resort to credit cards in order to stay afloat. I still do not understand how no politicians are addressing the high rates charged on credit cards. 😳

Thank you @Trinity11 . Also look how sneaky that got around using usury rates. No one is doing anything about it. Also, if you have too much credit, they can cancel your card and more. It really is an eye opener. It's not political either. It's just what the country allows the banking industry to get away with!

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

SilleeMee — Wed, 31 Aug 2022 16:22:12 GMT

@Trinity11 wrote:
This video should be mandatory in high school classes across the nation. When you know better, you do better.

My husband and I were just discussing how low our interest rate on savings are. Yet credit cards are gouging young families starting out or anyone that has to resort to credit cards in order to stay afloat. I still do not understand how no politicians are addressing the high rates charged on credit cards. 😳

I believe the politicians have their hands in the pots of cc companies and those who have hands in pots usually benefit from not stirring it.

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

Trinity11 — Wed, 31 Aug 2022 16:22:27 GMT

@gertrudecloset wrote:
@Trinity11 wrote:
This video should be mandatory in high school classes across the nation. When you know better, you do better.

My husband and I were just discussing how low our interest rate on savings are. Yet credit cards are gouging young families starting out or anyone that has to resort to credit cards in order to stay afloat. I still do not understand how no politicians are addressing the high rates charged on credit cards. 😳

Thank you @Trinity11 . Also look how sneaky that got around using usury rates. No one is doing anything about it. Also, if you have too much credit, they can cancel your card and more. It really is an eye opener. It's not political either. It's just what the country allows the banking industry to get away with!

Yes @gertrudecloset and this video is from 2004! All these years have gone by and I saw that some banks are even charging 31% interest rates. 😳

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

Trinity11 — Wed, 31 Aug 2022 16:23:21 GMT

@SilleeMee wrote:
@Trinity11 wrote:
This video should be mandatory in high school classes across the nation. When you know better, you do better.

My husband and I were just discussing how low our interest rate on savings are. Yet credit cards are gouging young families starting out or anyone that has to resort to credit cards in order to stay afloat. I still do not understand how no politicians are addressing the high rates charged on credit cards. 😳

I believe the politicians have their hands in the pots of cc companies and those who have hands in pots usually benefit from not stirring it.

Well said @SilleeMee . I have highly suspected the same.

Re: The Secret History of the Credit Card (full documentary) | FRONTLINE

gertrudecloset — Wed, 31 Aug 2022 16:30:21 GMT

@Trinity11 wrote:
@gertrudecloset wrote:
@Trinity11 wrote:
This video should be mandatory in high school classes across the nation. When you know better, you do better.

My husband and I were just discussing how low our interest rate on savings are. Yet credit cards are gouging young families starting out or anyone that has to resort to credit cards in order to stay afloat. I still do not understand how no politicians are addressing the high rates charged on credit cards. 😳

Thank you @Trinity11 . Also look how sneaky that got around using usury rates. No one is doing anything about it. Also, if you have too much credit, they can cancel your card and more. It really is an eye opener. It's not political either. It's just what the country allows the banking industry to get away with!
Yes @gertrudecloset and this video is from 2004! All these years have gone by and I saw that some banks are even charging 31% interest rates. 😳

Indeed @Trinity11 This is after you agreed to the terms of the credit card (contract) when you signed up for the card. Anytime in between and whenever they want, they can raise your rates astronomically. They can do this based on other credit factors that have nothing to do with them....even for the dumbest things.