PBS FRONTLINE: The Secret History Of The Credit Card...
IMDB https://www.imdb.com/title/tt0583866/
https://www.youtube.com/watch?v=2mHsTKvAuZcFRONTLINE PBS (2004): The average American family today carries eight credit cards. Credit card debt and personal bankruptcies are now at an all time high. With no legal limit on the amount of interest or fees that can be charged, credit cards have become the most profitable sector of the American banking industry: more than $30 billion in profits last year alone. FRONTLINE and The New York Times examine how the credit card industry became so pervasive, so lucrative, and so politically powerful. 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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Credit Cards aren't the problem, in fact, credit cards are great. Dumb fucking parents and a warped public education system that doesn't teach you about managing your finances earlier in life because you need to take Trigonometry are the issue.
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Ever wonder why credit cards are based out of Delaware?
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The human nature is the problem, and credit cards are a weapon that exposes it. It's like a criminal with a gun. The gun isn't the problem, it's the criminal holding said gun.
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Exactly. I probably save anywhere between $500-$1000 a year on purchases utilizing specific cards in different areas. This card gives me 3% back at restraunts, this one gives me 4% back on travel etc.greenblood said:The human nature is the problem, and credit cards are a weapon that exposes it. It's like a criminal with a gun. The gun isn't the problem, it's the criminal holding said gun.
They are great, people just suck with them because they see a credit line as extra money they have and have no control over bigger impulse purchases. -
YepCuntWaffle said:
Exactly. I probably save anywhere between $500-$1000 a year on purchases utilizing specific cards in different areas. This card gives me 3% back at restraunts, this one gives me 4% back on travel etc.greenblood said:The human nature is the problem, and credit cards are a weapon that exposes it. It's like a criminal with a gun. The gun isn't the problem, it's the criminal holding said gun.
They are great, people just suck with them because they see a credit line as extra money they have and have no control over bigger impulse purchases. -
Many people tend overlooking the predatory nature of credit card companies as they set up shop at college campuses all across America targeting vulnerable college students https://www.thebalance.com/credit-card-companies-love-college-students-960090 as their next credit card holders. Just like debt based fiat paper currency created out of nothing and charged interest upon credit cards are created out of nothing and charged interest upon.
Combined with the rising cost of living (food, rent, household bills, etc) due to societal inflation https://cowles.yale.edu/sites/default/files/files/pub/d17/d1709.pdf many people have turned to credit cards just to make ends meet every month while deteriorating their personal credit scores in the process.
Credit cards companies are like mafia loan sharks, neighborhood Shylocks as they target many people in financial binds to use their cards for a short term fix but a long term problem of paying interest, collecting personal debt https://www.marketwatch.com/story/how-to-spot-a-predatory-credit-card-2016-08-24 . -
Poor college students. Should probably just cancel all their student loans too.ChillyDawg said:Many people tend overlooking the predatory nature of credit card companies as they set up shop at college campuses all across America targeting vulnerable college students https://www.thebalance.com/credit-card-companies-love-college-students-960090 as their next credit card holders. Just like debt based fiat paper currency created out of nothing and charged interest upon credit cards are created out of nothing and charged interest upon.
Combined with the rising cost of living (food, rent, household bills, etc) due to societal inflation https://cowles.yale.edu/sites/default/files/files/pub/d17/d1709.pdf many people have turned to credit cards just to make ends meet every month while deteriorating their personal credit scores in the process.
Credit cards companies are like mafia loan sharks, neighborhood Shylocks as they target many people in financial binds to use their cards for a short term fix but a long term problem of paying interest, collecting personal debt https://www.marketwatch.com/story/how-to-spot-a-predatory-credit-card-2016-08-24 .
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I was there - when my dad got the first Master Card. I was also there for the first ATMs.
Both are a tool that I was advised to use wisely so I didn't.
I do now
This is a simple thing that could be taught in school -
I heard someone use the term "financial literacy class" and be accused of using coded racism.RaceBannon said:I was there - when my dad got the first Master Card. I was also there for the first ATMs.
Both are a tool that I was advised to use wisely so I didn't.
I do now
This is a simple thing that could be taught in school
