Credit card companies increase their revenue at the expensive of consumers. PBS FRONTLINE and The New York Times join forces to investigate an industry few Americans fully understand: The Secret History of the Credit Card. In this one-hour online video, correspondent, Lowell Bergman, uncovers the techniques used by the credit card industry to earn record profits and get consumers to take on more debt.
Some experts say the profitability of credit cards really began twenty-five years ago, 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 that enables the almost real-time tracking of personal financial information and the emergence of nationwide banking, has facilitated the widening availability of credit cards across the economic spectrum.
You can also click the following link for the PBS FRONLINE UPDATE: Credit Cards, Consumer Debt and Bankruptcy.
You may also want to read this related article from The New York Times entitled, THE PLASTIC TRAP: Soaring Interest Compounds Credit Card Pain for Millions.