Watch Frontline this week on Credit cards

[Amys1st]

Hi Mamas,

Before you use those credit cards again, may I suggest a great program.

PBS is airing an episode of Frontline about the credit card industry this week. I saw it this week and its a wonderful eye opener for those who love those credit cards.

Its also airing tonight on my local pbs station. If need be go to the pbs.org website to get info.

I would love to see what your opinion of that show and how you feel about your credit cards after watching

[CharlieBrown]

i justed watched it. used to live in south dakota when citi bank came in to set up shop. dh manages finances and we pay off cc each month.

it was very good and a real eye opener.

[mommyoftwo]

Great show. It made me want to get rid of our cards-all two of them. We don't usually carry a balance but now I don't even want to have them.
Really no different than a loan shark.

[Amys1st]

Originally Posted by mommyoftwo

Great show.
Really no different than a loan shark.

That is exactly what I thought as well. We also have 2 credit cards that we use and pay off each and every month. I guess I am what Ben stein said that he is- a "deadbeat" user meaning they only make the 3% that they charge the merchant on us. They also said I am basically using an interest free loan for 30 days which is fine by me- they made the rules not me.

[eleven]

I haven't watched the episode yet, but I just wanted to know that it is available to watch online at http://www.pbs.org/wgbh/pages/frontline/shows/credit/.

[susienjay]

I watched it with dh and we found it to be a real eye opener. I never realized they could hike your interest rate if you make a late payment. I also found the part about how they make the minimum payments so low to encourage people to charge more interesting. We only have 1 card we pay off every month so I guess we are deadbeats too. :LOL

[A&A]

Originally Posted by errejasu

I I also found the part about how they make the minimum payments so low to encourage people to charge more interesting.

When I worked at Discover Card 10 years ago, the minimum payment was 1/36th of the balance. Now, their minimum payment is 1/50th of the balance. That's quite a difference!

[broodymama]

oooh, thanks for the link! i'm going to watch it with dh tonight.

nak
lb

[Pam_and_Abigail]

gonna check it out!