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

[@davidhite6828]

This documentary needs to be played to every high school student in America.

[@rigelb9025]

And of course, it won't be.

[@finspiration2666]

The credit card companies used to promote offer cards on College Campus when I was in school, get them young and you get them for life!

[@billywird]

Yes and the mechanics of credit cards and credit is something that needs to be taught along with civics and as I have recently viewed another You Tube channel there should be the mechanics of the Social Security system and what it entails. These subjects should be taught in high school, quite possibly starting in the ninth grade which would be considered the freshman year, as well as economics (but down on a level that the students can at least grasp the fundamentals). This does seem to be quite a load but these young people are exposed to the cruelties of life with no preparation and all they have to fall back on is the "college of hard knocks". You know these subjects (less civics ) were generally left to the individual families (the parents) but some were good teachers and good examples and some were not. In these days and times where everything can move so fast due to the speed and availability through our computers, being well informed can save a lot of our young people a lot of financial trouble in the future. Of course it is a "leading the horse to water but you can't make him drink" situation but at least the effort should be made to educate our youngsters (at least down to a level they can understand) about the things they are going to be facing when they enter life as adults.

[@portcybertryx222]

The good thing is research shows that younger Americans are more fiscally responsible as the high inflation and turmoils in the market have encouraged them to be cautious but what’s worse is that the boomers and some older millennials are piling up their debt credit and leaving it up to the next generation

[@jr.6199]

@@portcybertryx222 Personal credit debt is not passed on to offspring. Boomers are not all bad, on the contrary we have the highest ever level of wealth transfer to the next generations in the US, from them Boomers. Gen Z also has the benefit of better Financial Advice, beyond what their parents had access to. We as a nation are more affluent but the middle class is losing ground and wage disparity is at its highest in 40 years. Every generation gets gains but we may now see the decline of longevity since Gen Z is not following the dietary and exercise advice that is also more widely available to them now. Save your money and be prepared for long time care insurance Gen Z.

[@cancel.lgbtq.6892]

Just paid off my $66,000 consumer debt earlier this year. Best feeling ever being debt free.

[@jollama]

@Lesley T You’re not getting an answer

[@jollama]

@Lesley T If I had a nickel for every time someone typed “must of”

[@bitTorrenter]

Gonna borrow some more now? 😉😂

[@bitTorrenter]

@@jollama "Must have had"

[@leegalen8383]

I paid of all of mine but that is only because I was lucky enough to get an inheritance.

[@ajaychebbi]

I am so glad all the Old PBS documentaries are available on youtube! A lot of them are seminal works.

[@edithpiwowarski4704]

This documentary should be played once a week all over the United States… and yes, it should be played in the schools and the colleges

[@eternalcowboy224]

The college loan industry took good notes when this originally aired.

[@straytarnish9443]

I lost all my money too,.... in a get-rich-quick scheme called College

[@Jay-jb2vr]

@@straytarnish9443 sucks

[@straytarnish9443]

@@Jay-jb2vr you were a good teacher 🥰❤🥳

[@Jay-jb2vr]

@@straytarnish9443 yea I stayed away from college

[@straytarnish9443]

@@Jay-jb2vr I couldn't figure which half the top 10% was in

[@boris2997]

My Father told me if you don't have enough money to buy something out right then don't buy it , or even worse borrow it.

[@xino_z]

My Dad is similar, he said "when you borrow, you borrow with sorrow."

[@destineydevereux4722]

My father says the same and he's right!!

[@jbsqueen07]

💯 agreed. My husband and I live just like that. We use a credit card just to maintain an excellent credit score but if we can’t pay it off right away then we shall not purchase. I unfortunately learned the hard way once I was 18 and entered college and had credit cards thrown at me. Luckily I paid them off and learned how to use credit cards. An important job as a parent is teach our kids macro/microeconomics!!!

[@rianmonnahan]

Well, it's true... unless you are buying a house or an asset that provides income.

[@tomuschrysos]

Unless you’ve been living paycheck to paycheck and need it for basic necessities. Then you’re screwed.

[@JasonMitchell-fd5ll]

Hello, I want to start investing, but I'm unsure where to start. Do you have any advice or contacts for assistance?

[@MorganEvans-g4g]

It's prudent to seek expert advice when creating a solid financial portfolio due to its complexities.

[@Alfrednells-tp6nv]

The truth is, you can't succeed without a reliable person like Naomi

[@kimberlykate6184]

Naomi's distinctive strength is her pragmatic approach, setting her apart from other brokers who often set unrealistic goals and fail to deliver

[@wadeseth9596]

So, you all know her too? Her success story is everywhere!

[@FelixEthan-bk6qc]

If someone is straightforward and skilled in their work, people will always recommend them. I appreciate her honesty.

[@97I30T]

I think one of the biggest issues with credit cards is the lack of education when it comes to how to use them properly. Our schools in the US teach next to nothing when it comes to personal finance. A lot of people get into credit card debt because they simply don't know any better. I got into credit card debt in college because I wasn't aware of the consequences of not paying my card off. The whole buy it now and pay it off later deal seems pretty harmless if you aren't aware of the interest rates. Once I was told how much it costs to be in credit card debt, I immediately started paying my card off and I've never been in credit card debt since. Credit cards can be an extremely valuable asset if you use them responsibly and pay them off each month, but so many people are never taught to do this. Credit card companies don't want consumers to know that.

[@KittyKat-vb1nd]

They don't want the wage slaves to know it's designed to enslave. And somehow they've programmed Americans to live by the credit i.e. social credit score.

[@billzander2875]

That's BS. The education is there, the problem is the education is given to teenagers - the same teenagers that take the loans in the first place because they don't care about the consequences.

[@jedclampett6466]

For the same reason that Constitution and Bill of Rights were dropped from the curriculum.

[@googleuser868]

When the kids started paying for school lunches with a card they were training them to use plastic instead of cash. Banksters getting them while they're young.

[@karenl7786]

You are so right? My kids went to different high schools and only one had the option to take a class about financial responsibility. She's the most financially savvy member in the family.

[@kortyEdna825]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[@PatrickFitzgerald-cx6io]

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

[@Pamela.jess.245]

Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

[@NicholasHarmon-ow3jl]

this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

[@Pamela.jess.245]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@NicholasHarmon-ow3jl]

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@heathermetz6576]

My Mom ALWAYS said, "DON'T SPEND MONEY THAT YOU DON'T HAVE!" Wise Words To Live By: 1.) ALWAYS pay your cards off every month. 2.) ALWAYS watch your FICO score. 3.) ALWAYS utilize credit below 30%. 4.) NEVER use the cash-back feature, NEVER carry a balance, and NEVER max out your cards. 5.) ALWAYS understand that the card issuer can change interest rates and balances without notice.

[@courtpour2515]

@LuxuryLyfe, I think Heather meant the advanced cash option because the interest and fees are higher. However, I agree that cashback is a great perk when you use CC responsibility.

[@rossugiarto4036]

The 0 interest period is good and the reward miles are wonderful.

[@CasaMaryParadise]

Don't use credit! Solved!

[@annmarierosa6569]

I just stopped using credit cards all together in 1998 and have been a much happier person for it. Not giving a greedy card companies 20-30% mark up on *EVERY THING* I purchase has been such a blessing. I use to purchase things on sale or even clearance with my CC and then by the time I’d pay off the balance in full, I paid double of what it was bought at. But there’s no WEIGHT held over me each month.

[@paulyricca3881]

🥃👱🏻‍♂️YOUR OLD MOTHER DONT KNOW WHAT SHES TALKIN ABOUT

[@barttfisher]

The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...

[@HildaBennet]

Gold might crash in a liquidity crunch, but many precious metal holders are prepared for this and unlikely to be forced sellers. The paper market would tank and possibly collapse. Hearing from an experienced investor who has overcome adversity is motivating. It can be scary when your portfolio turns red, but if you've invested in strong companies, stick to your goals and continue growing them

[@FinnBraylon]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@PennyBergeron-os4ch]

impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now

[@FinnBraylon]

Sonya lee Mitchell is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@PennyBergeron-os4ch]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@Tallthing53]

Genuinely invite Frontline to update these. Even a 15-minute epilogue on “Here’s what’s changed since we produced this in ‘04” would be meaningful and educational.

[@SayAhh]

And now ppl are enticed to pay with their iPhones.

[@rinetabolden3408]

The cc company does now state how long it will take you to pay the balance if only making the minimum payment. I definitely would like an update on this as well.

[@OneAdam12Adam]

ABSOLUTELY

[@SongSwan]

All is corrupt top to bottom.

[@ananthdayakar4401]

Except that pretty much nothing has changed. Banks still make Bank on people with bad score

[@rebelsroguesco]

9:50 “It’s nice to be able to spend what you don’t have.” 🤦‍♂️ That’s the problem.

[@lucasrem1870]

the normal people they invited, just don't understand anything about finance!

[@fishandmusic8550]

@@lucasrem1870 aaaaaaaaa

[@salyoutubepremium7734]

Isn’t it nice to live so cluelessly? And when these people can’t pay their credit card debt it’s the credit card companies fault for being “ unfair.” Puhleeze.

[@ashleelarsen5002]

When was this filmed/aired?

[@harrynicholes3166]

@@ashleelarsen5002 2004

[@martelvonc]

My parents did not teach my sisters and I anything about finances. My dad was of the opinion that family finances were none of our damn business. I had to learn every thing I know from hard knocks and a career path into the banking industry. I also read voraciously every thing I could about budgets, credit cards, loans, so that I understood what was happening. We need to do better by our children by educating ourselves.

[@fauxbro1983]

Right by staying away from credit cards

[@martelvonc]

Credit cards are a tool like anything else but if we don't understand how they work and how easily we can be trapped, they can do far more harm that good.

[@dianaroach3093]

Agree

[@bertruttan129]

That's because your parents were not taught better either so they don't talk about $$. My family is the same. I can tell who has figured out how to manage their $ because they don't become defensive when the subject comes up.

[@7366-HSGG]

Same here

[@BrigetteWaltershield]

I am 22 years old, lost my dad about half a year ago and I am going to receive some money soon. Would it be smart to grow my money in stocks for a few years while I am in college and then invest in rental properties afterwards, or should I go for real estate investing first??

[@CamdenVanderlaan]

I would advise the counsel of a seasoned financial pro. It may seem expensive, but as the old saying goes - "you get what you pay for" "Expert solutions require Expert providers" - my mantra

[@davidwilks4123]

Ok, for everyone reading this, here's the best thing to do, as follows; please try to follow a version of this financial advice as it fits your household, goals, and lifestyle: Get out of any high interest credit card debt before you follow any investing advice below, and have a minimum of six months of emergency savings in your bank, and $1,000 in cash in your house, and a couple hundred in cash in your car. Budget your cost of living so that you are spending as close as possible to living off of one paycheck a month for your fixed expenses (car, insurance, mortgage, gas/electric etc). Use the second paycheck to cover variable cost and long term savings. If you are married, or living with other people adjust accordingly. Invest in your company 401k up to the maximum they match 1:1 first. Second, invest into and max out your Roth IRA. Third, invest into and max out your HSA account. Buy index funds/ETFs in your 401k and HSA. Buy dividend growth stocks, dividend stocks, income stocks, and growth stocks with your Roth IRA. 4th, pay off any low term, low interest debt, except house mortgage. Now, if you have a house, make sure you have a good maintenance fund, which should be 1% of house value per year roughly. If you don't have a house, save spare cash towards down payment, closing costs, etc. If you are single it's a good idea to get an FHA loan and buy a duplex first, that way the renter in the other unit helps cover your housing cost. Live there for five or so years, and save around $10k a year and buy another duplex every five years, only move if one of the new units is an upgrade to your current one. Now go back and max out your 401k. Now, you can start buying regular stocks in a brokerage account, or invest in alternative investments.

[@j.davidbogue3961]

My grandfather’s last words to me were: “Don’t spend money you don’t have yet.” I took his advice. I have no credit cards.

[@freedomhelpandhopeallarefr5626]

​ @rianmonnahan 8 Let no debt remain outstanding,...(Romans 13:8) ...and the borrower is slave to the lender.(Proverbs 22:7) We should read Bible carefully and meditate on it, we'll find God's words always protect us from being trapped!

[@eliavgordon2108]

Experts of deception 💲💰

[@tracymcnair1303]

I don't either

[@khalidalali186]

That’s why I never took out loans, and have always used my debit card.

[@Josh729J]

how do you have a house and car lol

[@R-L-I]

A Financial literacy course should actually be required to graduate high school, America’s money and credit/loan ignorance is at an all time high.

[@MrSn3akr]

And it is so by design.

[@fafafooey8776]

this world revolves solely on a debt.

[@JW-dy8ru]

....

[@hollybigelow5337]

I slightly disagree. While it's not a bad idea, I personally believe a certificate of financial literacy should be required to take out a loan. It could even be more specific. Maybe a basic, first-level certificate is required for a home loan, a second-level certificate is required for a car loan, and a third-level certificate proving that you understand the math and laws associated with credit cards if you want to take out a credit card. The financial literacy course for high school graduation is better than nothing, but 1) the people that have the most problems with credit cards often don't graduate high school, and 2) my High School required everyone to take a financial literacy course to graduate, but when it came to actually implementing the course the material taught was so complex most students didn't understand it, the focus of the course wasn't particularly useful, and I'm not convinced the teacher teaching the topic understood the topic. I know this is just one example, but as a substitute teacher who has taught at many schools around my district I can tell you the number of teachers who properly understand the topics they are supposed to teach is sadly quite low, and the number who understand the topic AND who have a talent for communicating/teaching what they know so that regular students can actually understand it are even more rare. So yes, the course to graduate high school is a decent idea, but if you have to prove that you are capable of actually calculating interest payments for credit cards and are capable of answering questions about potential legal issues with the credit cards 1) the people who are the most vulnerable just won't pass the test and can't get the credit cards, and 2) the people who do pass the test will likely understand the risks of the credit cards they have way better than they normally would. I should point out, I am mostly libertarian and I am also usually for free markets and TRUE capitalism (not crony capitalism), but I do believe one of the limited roles of government is to act as a referee to protect consent in negotiations. I believe consenting adults should be allowed to agree to almost any agreement they want to agree to, but because credit card law is so confusing the customer often doesn't understand the contract but thinks they mostly do. In my opinion, this means the customer is no longer a truly consenting party. It is a deceptive agreement. If customers can prove they understand the abusive contract, then it's on their own heads if they choose to enter into the contact. In fact, if the terms were one paragraph and they were in plain English that 90% of the population can easily understand I believe it is fair. The 10% who can't understand should bring a family member or friend to help them out. If the terms are short and easy to understand and someone is just too lazy to read them that is on them. But the terms are not just too long, they are also written in legalese, and legal terms for words are often very different than the regular English meaning for those same words, which means that often very smart people may THINK they understand the terms they are agreeing to, but they are wrong. Plus, even if you manage to read the entire agreement and understand it, you could theoretically have to keep reading a new, long, complex agreement every 15 days. Keeping up with that is not reasonable. Even as a free-market advocate and libertarian I solidly believe the government is right to ensure that customers have at least the likely ability to understand 100% of every detail of the actual arrangement before they agree to it, which is why in this particular market, along with a few others, I fully support requiring customers to take a test where they read a few credit card agreements and have to calculate interest payments and answer confusing legal questions about the agreement in order to get a financial literacy certification that will allow them to engage in these risky and abusive contracts.

[@joesterling4299]

@@fafafooey8776 That's factually correct. Money is created when a bank issues a loan. That's why interest rates are important in regulating the money supply. The higher the rate, the fewer the loans, and the lower the expansion of the money supply. So, where have interest rates been for the past few years? Practically at zero.

[@AwokenEntertainment]

It's crazy how we don't learn any of this in school..

[@jayabacromby675]

With respect Awoken, it's Mom, and Dad's responsibility.

[@GD-tt6hl]

I did, but I went to a good high school. My favorite part is when my teacher dramatically threw open his card wallet showing he had 25+ credit cards. It literally went to the floor.

[@augenbutter]

Now that would be counter productive.

[@JOHN----DOE]

Maybe--but most of it is common sense. My parents told me NEVER to carry any credit, and I haven't--I use it as if it were a debit card. My operating assumption is that corporations are criminals and there's little protection from them. DON'T BUY WHAT YOU CAN'T PAY FOR IN CASH. Simple wisdom everyone followed til the 80s.

[@user-sf3pu2jp4r]

This is by design.

[@nae4830]

Aired almost 20 years ago! It’d be nice to see an update on this report, things have changed so much.

[@stormyweathers9887]

What 'thnigs', nearest and dearest?! The banking collapse of 2008? Wall Street taking over the federal government, then churning the dollar-printing machines, using the newly issued FIAT to reinvest in the same junk commodities? Is the so-called middle class now not even able to afford health care? Yeah! It;s a lot worse than when this documentary was broadcast, because you and the likes of you keep voting for the marionnets, who are bought and aid for by the Wall Street!

[@DarknessFalls29]

@Masud Saleh Rude.

[@MrJimmy3459]

They're alot worse, CC debt is at an all time high

[@baldthanos4614]

Amazing even in the age of Social Media and information at your fingers people still want info handed to them.

[@GodHandFemto]

@@MrJimmy3459 It's definitely not worse lol, adjusted for inflation and population growth it's still pretty bad but much better than it was back then, largely in part because of regulations that really toned down some of the most predatory practices like debt farming cards, APR adjustment regulations, and further regulations on APR fees and repayment times.

[@morenahlatshwaya]

I think one of the biggest issues with credit cards is the lack of education when it comes to how to use them properly especially in financial investments. Our schools in the US teach next to nothing when it comes to personal finance and investment . I got into credit card debt in college because I wasn't aware of the consequences of not paying my card off. The whole buy it now and pay it off later deal seems pretty harmless if you aren't aware of the interest rates. Once I was told how much it costs to be in credit card debt, I immediately started paying my card off and also went to profitable Investment I've never been in credit card debt since. Investment is the key to sustaining your financial longevity, since I realized this i have been successful. I pray that anyone who reads this will be successful in life 🙏🙏🙏

[@Soboj-oy8me]

Yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too

[@adasohas]

you're right Forex trading is surely a lucrative way to invest whether you want growth, leverage, stable income or something in between.

[@JiwanWill]

Yeah for sure, honestly I made 62,800 dollars within 6days of trading with Bit coin.

[@JiwanWill]

It really profitable Investment

[@JiwanWill]

Facebook 👆👆👆

[@Psiros]

If you are currently in heavy credit card debt, don't be afraid to ask for help. I've been there. Way better off now, but I will never forget the feeling of dread and despair regarding putting a dent into the debt.

[@michaelbest1827]

Psiros, I agree with your words. Ask for help. In my mid 20's, back in the 1990's, I amassed a lot of credit card debt on several cards. I did something about it. I found a bank that would consolidate my debt. with a lower interest rate. 4 years later, I paid off my debt to that bank. Shortly thereafter, I was debt free, financially, and still am today. People should not wait until the credit card companies send them a notice. I know there's a reason to keep at least one credit card, but I have none. I pay with cash or my debit card, which that money comes from my own savings/checking account.

[@Rob-vg6lw]

Why should we care about credit card debt when the US can't even payback it's debt?

[@jupitercyclops6521]

Yes. Got screwed when bank of America jacked up our rate from 0 to 24% for no legitimate reason. We weren't late. Paid extra every month & could the balance grew & grew. It's illegal for them to do what they did to us. Lucky we had equity in our house. Got a 2nd mortgage & made double & triple payments. Blood thirsty sobs. The money we paid them woulda been nice to use elsewhere, but fckem. Shoulda not paid any of it. The debt was occurred by interest, not from purchases.

[@jackasable12]

Did you know Trump is billions in debt ? You sound funny. Only difference is he owns assets . Assets generate cash flow. That car you bought of off credit car is liability. You are debt slave.

[@tatialo37]

@@thetritiumdepot9270 you are a smart person!!!

[@cudatom9290]

“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.” Albert Einstein

[@sseruwoedrine1162]

Gwe asinga😁😁😁

[@quickdeuce]

Indeed.

[@John316forjesus]

All have sinned and fall short of the glory of God the rightousness of God is available through faith in Jesus Christ. there is therefore now no condemnation for those who are in Christ Jesus. Repent in Jesus name ! confess your sins to God.

[@gizznajet1]

PREACH!!

[@ilovejesuschrist992]

@@John316forjesus amen 🙏 🙌🏽 👏 ❤

[@youtubesucks8024]

It’s painful knowing this was filmed in 2004 and what was waiting for them a few years later.

[@JohnSears1970]

This was before Warren ran for the senate, Gods she was young!

[@inquisitor4635]

​@@JohnSears1970 And looking more Native American than ever.

[@MarcustheKid2K]

I don't understand, what happened?

[@chrischin_94]

​@@MarcustheKid2K08-09 Financial Crisis

[@MarcustheKid2K]

@chrischin_94 oh, I was born in 2000 so yeah

[@TankDaGamer25]

This documentary was very informative. Loving all these frontline documentaries none have disappointed.

[@worldtraveler134]

My Bank C.C. company wrote me a letter saying they are going to cancel my card because I haven't used it in a year.. So you penalize me for NOT using it, and Penalize me for Using it at 19% intrest rate. So I bought something for $40 dollars and paid it off before the due date

[@derbywinner6316]

@Mind Blown it’s doesn’t IF it’s canceled by the financial institution

[@sams7725]

Many people pay their monthly bills online with their credit card then pay it off before interest is incurred to increase their credit standing and keep their card should they need it for an emergency.

[@1MinuteFlipDoc]

get a CC from a local credit union. their policies are much better.

[@astairawood9189]

They have learned how to grift off of you coming and going. But Americans refuse to fight against this grift, so they continue to do it, cause its very profitable for them and ain't nothing but your $ to them. They only steal from y'all cause y'all allow it.

[@cboy0394]

@@derbywinner6316 This is false. Your credit score is composed of several factors, some of those that can be impacted by closing an account are the number/variety of active credit accounts and your credit age. If your account is closed (either by you or by the card company) your score will drop. This happens because your credit age shortens and because your number of active accounts gets smaller. This isn't a huge problem since these two factors only play a small or medium impact on your overall score. Your score will drop but most likely temporarily or by a small amount. The biggest impacts that are reflected on your score are credit card utilization, payment history, and derogatory marks.

[@kSolster]

Since this originally aired, we went through a massive recession the culprit for which was precisely this industry and their malicious and greedy practices. Tens of Millions lost their homes and more had to declare bankruptcy. The fact that most if not all these deceptive practices continue to exist is beyond mind-boggling.

[@user-wy2iw5vy5u]

The mix between Covid 22 and bad credit is mind boggling!

[@glennycoleman3799]

I love it..Its an awesome game!!!!

[@kristenclark1207]

Banks are robbing us all blind.

[@marjorieplaniden444]

@@user-wy2iw5vy5u .

[@daniellealeman1050]

De-regulation, greed, and our government are partly responsible for this predicament. Borrowers who exceed their income are another part of the problem. People should learn to budget and/or go without. I realize this may hit hard for some people, however, no one needs the greatest, most expensive, newest technology, etc to keep up with the "Jones'" Many of the people who lost their homes were given loans for which they did not qualify. . . .And no one went to jail. We still sit around and do NOTHING, while the rich get richer and the middle class continues to disappear. The minimum wage should be increased and the Corporations need to pay their share of taxes.

[@Chloe_Kolohe808]

I just became debt free last month. I paid off $24k in credit card debt in 4 years. It felt like I was throwing a thimble of water at a bonfire, but I kept chipping away at it & it felt So GOOD to make that last payment, and now I have an extra $1500 a month that I don’t have to give to the credit card companies any more! People, you CAN do it! Get off the hamster wheel of debt! Pay cash for everything! Live within your means! Stop being such consumers! I also suggest reading Dave Ramsey books as a general guide to start your journey out of the hell of debt!

[@diannemose244]

Proud of you!

[@tonysilke]

The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.

[@sattler96]

They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.

[@PhilipDunk]

I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.

[@Nernst96]

we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this consultant that guides you help?

[@PhilipDunk]

My Financial Consultant is Vivian Carol Gioia. I found her on a Kiyosaki interview where she was featured and reached out to her afterwards. She has since provided entry and exit points on the securities I focus on. You can run a quick online search with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so

[@Nernst96]

Vivian has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I set up a call with her so I could use her services.

[@avenue2revenue]

In my opinion, the following 2 subjects should be absolutely mandatory to be taught at school: 1. Health/Diatrition, 2. Personal finance. This way, we could have healthier and more independent people. If the school/system doesn't support this, let's take control and educate our kids/friends about those basics. I'm sure they'll be appreciating it!

[@RagulCJ]

agree with you. 1. Health 2. Personal Finance 3. Local society these should be taught very early stage

[@mmp495]

Also please teach this to your children at home. This is where it is most impressionable and where it begins. This is so important to keep them informed at an early age of the downfalls of using cc . 💳💸💸💸

[@annmarierosa6569]

@@mmp495 - a lot of parents are in debt themselves, they are the last people to teach children how to do personal finance, my parents were horrible at finances and never could own their own home (I found out years after my step-father passed away- from my Mother) in 24 years of being them being together. And my step-father was in the Korean War and could have gottin’ a VA loan… but never did, he had made up an excuse as to why he couldn’t get one that would arise suspicions. And well when his Mother passed away, my Mother found out through her Sister had told my Mother that my last step-father had been married 3 other times (before my Mother) and already used his VA loan… we found out that he had changed his name from his birth first and last names to get out of paying child-support for 5 other children from 3 other marriages, there was so many things we found out after he passed away in 2000.

[@nsant]

They are too busy trying to tell little girls and boys to take puberty blockers and to surgical remove their body parts.

[@melc900]

@@blankmandastankman I think we should still encourage the basics like "Cook at home. Have a lot of fresh food. Reduce processed food intake. Don't consume excess calories". There's a lot of specifics up for debate but even just following these agreed on basics, a lot of people would be miles better off with their diet.

[@rockland2]

I grew up in the 80's and there were caps on the amount of interest the credit cards could charge, and retailers were forbidden on charging higher prices for using credit. Also the ATM fees for debit cards were almost nonexistent. Today it's crazy, fees for everything, and interest rates that make it impossible to pay off the balance. It's criminal how they've gotten away with all this.

[@u-shanks4915]

They are starting to play with fire People will resort to banditry and murder Home invasions chaos This isn’t good

[@CL-lo3xr]

So true.

[@skillmanlaw2]

CORRECT, FEES FOR TRANSFERS DID HAVE A HOLD ON ME, LEARNED. NOW, WATCHING WHO IS MAKING REACCCURING CHARGES IS GOING ON WITH USING CARDS. CKECKING YOUR BANK STATEMENT IS IMPORTANT.

[@leomartin1903]

How can CITI BANK BE LOOSING MONEY?

[@leomartin1903]

So don't purchase what you dont have.

[@FidoHouse]

Amazing report. Released 19 years ago but so worth watching. Glad you posted it. Will share link to it with others.

[@TheDutchCODGOD]

I work as a financial coach. Help people get out of all these kind of debts. Truly tragic. But there are ways out! Life has enough stresses, money doesn’t have to be one.

[@Charvin]

I'm using a debit card (most of my country is) and have been actively discouraging family members and friends to avoid falling into the trap of attractive credit card offers which banks are trying to push everytime. This documentary is still relevant and gives out more insight into reading the damn fine print to get those details.

[@GrandisArcanum]

Issue is you have to use credit cards to build credit

[@CalderaFinance]

@@GrandisArcanum no. Theres other ways to build credit. Its not like people didn't start building credit before they existed

[@CalderaFinance]

@Dubakoor Damaka oh please. Im 35. Got my first credit card 4 years ago. Before that, I had 3 successive car loans. On the 3rd application, the salesman said "you have old man credit " in the good ol US of A.

[@AWOL401]

If you actually know how it works credit can be extremely useful.

[@CalderaFinance]

@@AWOL401 indeed. Especially with those 0 to 2% interest rates. The key is finding the right places to borrow

[@johnny_gsz]

This channel is the most informative on the Internet. I love the job you guys do.

[@DweeD1516]

ehhhh I like Frontline but they are far from the most informative on the internet

[@lawrencewiley3104]

Right on

[@TrollinOn22s]

That means views will be lower than mindless videos.

[@satrandhawadtm8115]

This channel doing good job at public service

[@chrisp7110]

Not really. Some of the contents are not honest. PBS was bought out by a big corporation as well. Not everything that you see on PBS is straight up facts some are propaganda but this one about credit cards is accurate.

[@Natureboy207]

Every human being needs to watch this. Growing up as an 18 year old, I just grabbed credit cards without knowing anything about them. I acted reckless with them as a young adult. I was a slave to the credit card companies and credit bureaus for many years after that. Had I of had this knowledge back then, I wouldn’t have wasted time and money to pay off high interest rates.

[@suebaybee]

Well, I'm truly thankful for my mom for informing me that whenever I use my credit card. " I better make sure I can afford to pay it back , cuz I'm not helping you " thanks mom . Lol.

[@irocitZ]

Right on!

[@jamesmancuso3666]

If you save for the things you want it may take longer to get it. Yet it will cost you significantly less. Some say if you pay off credit cards every month you will save money and gain credit. Only now most cards charge fees if you pay off balance before any interest is charged. Personally I would rather die with little than die leaving massive debt for my children/family. Even death won't end your debit but only transfer it to your family.

[@irocitZ]

@@jamesmancuso3666 I love cars just as much as anyone, I've been that way before I even had a driver's license. However, there's nothing I want bad enough that I'd have to go into debt to get it, not even the new Z06.

[@cutieOX]

ME TOO. ruined. cant even get a 300$ card. havent touched my credit in 7 years, still getting denied, payed off a lot, had a lot taken off, but now I still cant get approved for shit. I have a good job. money isnt the issue, I mean for big expenses im used to saving up for (if I can) otherwise with my really good career im barely getting by. it was great bing 18 and having my bank tgive me a platinum 1k limit card and then more ... my life is nothing. I cant get anything.. I cant travel, go anywhere. I hate credit.

[@prestontunnicliff1086]

You are never taught about money for this reason. You are controlled until learning the facts.

[@freedomhelpandhopeallarefr5626]

​ @rianmonnahan 8 Let no debt remain outstanding,...(Romans 13:8) ...and the borrower is slave to the lender.(Proverbs 22:7) We should read Bible carefully and meditate on it, we'll find God's words always protect us from being trapped!

[@Runysoho2222]

@@freedomhelpandhopeallarefr5626 amen! We were told that the love of money is the root of all evil.

[@DDDd-yz6kz]

In my school, we were taught how banks work. How interest rate works, how to evaluate prospective borrower. The basics.

[@pereh014]

I miss this kind of unbiased, unfiltered, apolitical reporting.

[@carlr458]

Then watch PBS more. They do it to this day.

[@elbradavid533]

Also, the work of historian's in this country is the best in the world; their work covers every aspect of our history

[@glendirienzo1365]

Nothing's changed after 19 years since this program was aired.

[@yengsabio5315]

Ms. Warren grew older, I guess.

[@meltinkful]

There are now disclosures on credit card statements telling the consumer how much they will have to pay in total if they only pay the minimum due, and also a consumer can easily find out their FICO score for free. Both were issues when this documentary was made. But even having this knowledge today does not make the system fair for consumers.

[@markg-t8z]

a lot has changed. big banks allied with controversial causes/movements so now the focus is class warfare. really it should be the united 99% of americans protesting the 1%

[@yvonnecortes_]

@@meltinkfuli was going to say the same. They absolutely have added the disclosure of if u only pay the minimum it will take u this long to pay this off. Also there’s definitely many more options offered to costumers to help them pay their cards and not ruin their credit which i think is great.

[@cyrusdubash3097]

Humans will always want more crap. More more more.

[@bobhsohi704]

This is by far the most eye-opening session I've ever seen I learned much and I fell into these traps

[@estherhastime777]

Start teaching your children about credit and how easy it is to get into financial ruins from them as early as you can. And help them build credit as early as possible. I started teaching my daughter about credit and finance in middle school. And when she got her first job we went to the bank got a checking account and I got her a secured credit card. She's never had to pay a finance rate and has excellent credit at the age of 23. She bought her car cash and doesn't owe any banks anything. She's working towards the goal of purchasing a home for herself and is interested in buying a duplex where the tenant can pay for the mortgage at a 15 year period and grow from there. Credit cards shouldn't be a bad thing.

[@user-sh2mk8ew4c]

Purchasing a duplex is a very smart thing to do for a young person. Rental property over time. Will Make a person wealthy. But it takes time. A smart girl. The rent probably will not cover ALL the mortgage. But it will help. She’s probably going to have some payment. She won’t be able to live for free. But it is a very wise decision. But rental property at times can be a challenge. You have to be tough on people. Not an asshole. Just firm. I would love to give her advice,

[@estherhastime777]

@@user-sh2mk8ew4c thanks for pointing that out. Yeah it wouldn't be free rent/mortgage, She's starting to stack money to help her in the future purchase, for upgrade, renovating etc... I'm really proud of her, she is almost done with college will be graduating in the summer and didn't have to get loans for that, thankfully. I wanted to make sure that she was informed about money and budgeting too. And especially living within your means.

[@aripadreaptatherightwing6028]

Yes, financial education it's the key....

[@vh7637]

Exactly

[@Qfinesse21]

Doesn’t she have to build credit to buy a duplex? I doubt she has the cash to buy that upfront.

[@Sammiejomitchell]

On the other hand, I paid cash all my life for everything. If I couldn’t afford to, I didn’t buy it. Then I wanted to buy a condo. Interest rates were low on mortgages and I had more than enough cash to buy the condo in the bank. When I applied for the mortgage, I had no credit score, not a bad one, nothing. Even the bank that had my cash would not give me a mortgage. They get you no matter how responsible you are.

[@Mrbg123]

The responsible thing is to take on debt you already have cash to pay off

[@devinprinz6868]

It’s called manual underwriting. I have an invisible credit score. My credit score is zero. I got a mortgage with no problem. Churchill Mortgage will do manual underwriting and my interest rate was as competitive with anyone with an 800 credit score.

[@Kinkle_Z]

If you had more than enough cash in the bank to buy the condo, why get a mortgage? Just pay cash.

[@Sammiejomitchell]

@@Kinkle_Z Because at the time we were getting several % points higher on our CDs than the mortgage rates.

[@CriticalThinking-ql2hh]

According to Dave Ramsey, you can locate a company that can underwrite a mortgage for you.

[@ShaudaySmith]

This originally aired in 2004. I graduated from high school that year. My parents taught me all about the benefits and traps of credit/debt. They encouraged me to take an approach to credit cards the same way Ben Stein does. I did, i still do. It's been a great advantage with all the points. They want to talk about predatory practices, they should be looking at health insurance companies. THOSE are the companies that take advantage of the consumer during a critical time in their lives. They are the ones that will tell you something will cost you X amount of dollars out of pocket. Then you get a statement a month later for that procedure suddenly being not AS COVERED as they told you.

[@CopingwithGrattitude]

Folks have no idea. Health insurance companies practices are a nightmare.

[@Openmind4me2]

Prof Warren was not a politician yet

[@neoncat9573]

@@Openmind4me2 That must be why she (Warren) said the laws are inadequate. Now that she is a politician for so many years, would she do something to change the laws, in other words, to benefit the people?

[@jimmyispromo]

Can't believe he said "its nice to spend what you dont gave." Please think about that for a second before you swipe

[@jimbarrofficial]

Not much has changed.. in 2020, the average debt dropped due to the pandemic for the first time in 8 years. It's risen ever since this story was aired, for the most part.

[@NotShowingOff]

Many ppl look at the 2 percent down as a gain. So instead of budgeting they just push the problem back. They have a mindset that they could “die tomorrow”, so what’s the point of not spending. They don’t realize that the big banks are betting against them.

[@michaelbest1827]

Jimm Barr Official I did hear that in 2020 the average debt did drop. I also read someplace that in recent months, credit card debt has been rising again.

[@lucasrem1870]

Just never use your card for debt! always pay them direct! Negative interest! Pandemic?

[@Erin-rg3dw]

@@michaelbest1827 I'd wager it's because people didn't cure their consumerism while they were stuck at home. While at home, they took the money they normally used for going out, driving, etc. and put it towards debt, then when everything reopened, they made up for lost time. One of those statistics floating around talked about what percentage of credit card debt was "optional" spending, like going out to eat, and how much was emergency spending, such as replacing a water heater. The optional on credit card debt was higher than emergency. People didn't really learn the lesson when they were paying it off.

[@jeanlasting5467]

@@michaelbest1827 I've heard that debt is at a all time high now because the economy is so bad that people are using there credit card as a last resort now the country is swimming in debt.

[@StarrTile]

*I'm a dead beat...I charge perhaps $3000 a month and pay off the balance every month, they pay ME in cashback*

[@zuhawk15]

@Mind Blown Better than using cash or debit cards if you pay it off every month.

[@thecollinanderson]

@Mind Blown Google tracks what you view online to serve you ads and they don't give you benefits. Credit cards can benefit the user or they can ruin their life it depends on how responsible you are.

[@theoryofpersonality1420]

@@thecollinanderson you can opt out. I do.

[@memesfamilyguyandtvshows]

@@zuhawk15 how is it better??

[@miltron4989]

Smart.

[@marcussoininen2084]

Ahh, the old debt-trap. Sort of like a death-trap but worse, because you might live through it.

[@lynettejohnson5111]

I pay them to zero and try not to use them.

[@ayomideedgal5412]

You should do one but for the uk

[@eddiesroom1868]

Just file for bankruptcy

[@ghostnoodle9721]

It's a financial bear trap Forever maiming your wallet

[@AcuteStressResponse]

@@lynettejohnson5111 the messed up thing about that is.... your credit score usually stays low or goes way down when you pay off your balance. The CC company's reward you for keeping a balance about 200 - 500 dollars sometimes, that's how you build credit to purchase things like a house or get a business loan.

[@campbellzachc]

It is every parents responsibility in this day and age to be familiar with this information and pass it on to your children. It is critical to their success as much as learning to bathe and feed themselves.

[@RamMohan-fh9ly]

This is a first class video on a difficult subject, very well edited; well done, PBS.

[@jburron]

How they get the interview sequence and questions in order for maximum effect is unreal. Just magical.

[@ghaziabu-dayyeh602]

This so-called documentary is trying to hide the real scumbags behind most of the credit-card companies. At 18:15, they interview Andrew Kahr as an innovator. Then later on, at around 35:00, they talk about Providian and how they scammed millions of people. They never mention that Andrew Kahr is actually the founder of Providian and the one behind the scam!!

[@bobbobbing12]

@@ghaziabu-dayyeh602 That's why they said he wouldn't agree to an interview, if they did mention it.

[@ghaziabu-dayyeh602]

@@bobbobbing12 Yes they mentioned that he wouldn't agree to an interview unless they agree not to disclose where he lives or discuss certain things. The interview is useless and they didn't mention that he is the founder or Providian. This isn't a secret and it's well-known among old timers like myself!! They are hiding information from the younger generations !!!

[@MarcelaElviraTimis]

@@ghaziabu-dayyeh602 can't ppl google him?

[@1MinuteFlipDoc]

2004: Credit cards are a bad deal for Americans 2008: Mortgage Industry - hold my beer!

[@chadsmith9275]

2020: COVID - bye.

[@MD-pz3cn]

All of history: some people are dumb. No financial sense, no savings, no life planning, just buy buy buy and YOLO. They got what they signed up for.

[@Anza_34832]

202?: Total collapse…and UBI to the rescue?!

[@JasonfromMinnesota]

UNDERRATED COMMENT !!!

[@mikerice5298]

26 trillion to banks and company’s and QE for too big to fail 2007-2010

[@r11h57]

I give high credits, 26.9% APR, to Frontline for this documentary.

[@trevorguthrie3054]

Top kek 🐸 And they steal our money to make this dribble

[@DweeD1516]

@@trevorguthrie3054 You're getting old man

[@geo865833]

Well done sir. 👏

[@johnbenjamin2703]

35.90% credit card jb.ok

[@jhnpttn1234y6]

I have been following Ramsey lately and trying to pay off and cut up credit cards. This is amazing motivation!

[@cooldog60]

Why would you want to get rid of your credit cards. They save you a lot of money.

[@LuciThomasHardylover-qx6ts]

How on earth do credit cards 'save' anyone money!

[@cooldog60]

@@LuciThomasHardylover-qx6ts I hope you are kidding. What do you do send checks in the mail? I get 2% back on everything I charge. Charge everything I can. Over the years have gotten about $15,000. So now you know.

[@attackfive8659]

I pay my credit cards off on a bi-weekly basis. And watching this piece has just reinforced my habit. I would sell my own blood first rather than pay the usurious interest rates and late fees these banks charge hardworking people.

[@kevinjohnsonel9889]

Amen. American express had me by the balls. Thank God I has monet saved. I paid it off before the debt ballooned.

[@zz449944]

Bi-weekly payments are a good idea. It is always smart to make as many payments as possible if you are carrying a balance and are accruing interest charges DAILY. Do NOT wait and make only one payment per month. As soon as you have a wad of cash, pay the credit card. With online account access and electronic payments, there is no reason to wait. Most credit cards will accept as many as one payment PER DAY.

[@USMCAllTheWay]

Debit Card all the way. I don't give a dime to "American Excess" or any other CC company. There is a reason why these companies have large sky scrapers and over paid executives...

[@davidharcot220]

if you able to pay off your credit card fortnightly you do not need that card in the first place

[@donchampagne6211]

@@davidharcot220 Wrong. As I've noted elsewhere, I get a 1.5% discount by paying wth a credit card.

[@howardgofstein7366]

I love how that one guy says “it’s nice to spend what you don’t have.” It’s also incredibly irresponsible.

[@miss-rosie-samaguantlets6912]

They have brain washed people

[@taylorisamazing9304]

Unless you are the ones making money off of the have nots

[@DarkDragonSlayer]

it was prob sarcasm.

[@zoer7338]

@@taylorisamazing9304 well said. 👍

[@irocitZ]

That it is...

[@pyrotechnick420]

When they started interviewing everyday people who said it was addicting to have a credit card and saying it was fun to be able to buy something that you can't afford, I was like no way those are real people.

[@johnstown2451]

Or the expert Elizabeth Warren. Lol

[@pyrotechnick420]

@@johnstown2451 that name sounds familiar lol

[@ensignmjs7058]

They're real. And they're everywhere.

[@Aless.D]

When you read articles about financial freedom, you may hear people talk over and over again about how they spend next to nothing to be able to retire at a younger age like 30. Instead, they may have already achieved financial freedom and boast about how frugal they were in order to retire well before the typical retirement age.

[@King_jacky]

The first level of financial freedom is creating an emergency fund. Ideally, this will also include paying off any credit card debt. Unfortunately, living paycheck to paycheck is the reality for millions of Americans. I think I like to play again with the stock market, any recommendations?

[@Aless.D]

Planning for retirement, or even financial freedom, is a marathon and not a race, as the saying goes. Breaking your financial independence goals into small pieces can help you stay on track while making the process a little more manageable and hopefully a little less stressful. Even if you are starting small, the important thing is to start. The investment creates a safe haven for the future. Everyone needs it so you don't go bankrupt when you stop working

[@Maria-bd4du]

Would you mind sharing information about the advisor who helped you? I am now 39 years old and would love to grow my stock portfolio and plan for my retirement.>>>

[@Aless.D]

I don't really make recommendations, I just invest for profit and mind my own business, but I would do it for a reason and it is for the betterment of all.

[@M_Harry2]

That would be so kind of you if you share with us your source of financial freedom.

[@dmac7128]

Unfortunately not much has changed with the industry since this aired. One way to combat this is through education in grade school. Every high school student should go through a mandatory personal finance class. One of the main topics should be revolving credit and a sample credit card agreement should be read and analyzed by every student under the guidance of a teacher with some knowledge of the subject.

[@numbersix8919]

Or we could force the credit card issuer to offer counseling and guidance to alternatives as we do with women's health providers!

[@RosaMartinez-jj9xs]

I 100% Agree 💯, we should do something with this information. This video did get 1 million views and 16k likes within a month of it being released , proves that a majority of individuals who watch this are on the same boat. Imagine if we all worked together and found a solution for this problem.

[@sg5720]

@@numbersix8919 they want to make money. No way they want the average person to do well when using their credit cards. It is all about them making money. 🤷🏽‍♀️😔

[@baker8981]

I graduate high school in June. Current semester of my government class is Economics. This video was part of an assignment

[@sowaveysuyat]

If they taught / teach this in their controlled school systems, most of us would be millionaires effortlessly by 25-30… just by learning the truth about financial literacy. The whole curriculum is controlled for a reason, have to self educate the youth on all the things hidden from them or begin to dismantle and recreate an entire new education system

[@gm2407]

I feel so old seeing this documentry from half my lifetime ago. Still feels relevant despite being dated.

[@ReneeCaraway]

SMH. I’m so old, this doesn’t even seem like it was really that long ago. Just over 15 years. Pretty recent, in my opinion.

[@eeoku5200]

Look how young Elizabeth Warren is!

[@culdeus9559]

The actress in that Hawaii!!! Commercial went on to work at pbs. Ironic.

[@Kinkle_Z]

So old it was One Fifth my lifetime ago. lol

[@DeeDrilly]

When referencing corporate America, he said “They don’t really care about you as they make it seem” realest thing he said...I’ve seen experienced it first hand in the DMV. Black ppl aren’t really respected in corporate America. Glad that he was able to get out of there and become his own boss *VCORPINVEST*

[@RichC-p5t]

I'm glad being 23, watching this before considering taking any sort of credit card. I feel these types of videos and topics should be taught in schools. But then again that won't happen unfortunately

[@cyrusdubash3097]

Is not part of the state curriculum in any state.

[@styes1]

Before I got my first credit card I watch lots of youtube videos and read a lot of articles. And from what I read and heard rule number one never carry a balance and I never do I don't care how much the interest rate is on a credit card it could be 50% I don't care. It is your duty to educate yourself as a consumer and a individual. What I notice people like to blame others for their lack of information when it can easily be found. Don't expect a man or a company that is all about profit to educate you on how to save money.

[@wintersmill4853]

While we are all busy arguing about culture war bullshit and picking a party to parrot …. The financial sector has grifted on us all and put our country in real jeopardy.

[@Etaoinshrdlu69]

So I'm Canadian and our politicians are even more partisan. In Canada, if you are a Conservative, Liberal, NDP, or Bloc politician you vote with your party 99% of the time. Here's the difference though, politicians are forced to face one another in Parliament and that means they are forced to answer each others questions. If one side is corrupt they will be grilled by the other side of the hall and that grilling will be aired on national TV. This doesn't happen in the United States. What happens is that Republicans will use conservative media to shill their narrative and Democrats will use moderate/liberal media to shill their narrative but they are never actually forced to face one another. This dependence on the media causes tribalisation, political entertainment, and political sadism.

[@wintersmill4853]

@@Etaoinshrdlu69 Split the opposition and conquer. All of us are the opposition.

[@bradpnw1897]

@@wintersmill4853 I'm sorry you believe you are so perfect. But hey obviously in your mind you're way better than I am and everybody else, just keep believing that. Remember just keep believing that don't ever question it any time and if anybody else questions you just go off on them right away and tell them how bad they are without ever admitting you are not perfect and that you are not the most important person because you know you're perfect and you are the most important person. I would give you a participation award if I hadn't already given you all the first place trophies already. Thank you for being born helping and blessing everybody else that you've ever been around. You're not a true inspiration you are THE INSPIRATION, Christ Gandhi Muhammad even Confucius they all wish they could have been you. Even before you were born they all knew about your importance and your presence for the people in this world. I don't know how Obama beat you out for the Nobel Prize you have done so much more for World Peace than him

[@tonedblock1106]

@@bradpnw1897 🤣🤣🤣🤣🤣🤣🤣🤣😭😭😭😭😭😭😭😭😭😭😭😭😭😭That was fucking hilarious, I am dying!!!

[@jjo7279]

@@Etaoinshrdlu69 even tho Canadian politicians have to faceoff in Parliament, all of them are shameless and rarely change their position.

[@mzamroni]

Paying minimum only prevents late fees. Always pay credit card bill fully. Even 1 cent less will make bank puts interest for the whole bill

[@gw6496]

They learned from the mob!!

[@antoniowu5198]

Jobs will pay your bills, business will make you rich, but investment makes and keeps you wealthy lifetime, I hope you become successful!

[@christopherlebrasseur7235]

Assets that can make you rich Bitcoin Stocks Real estate

[@noahgonzalez9041]

@@christopherlebrasseur7235 Stock's are crashing, Bitcoin investments Right now will be at every wise individuals list, in a month you will be ecstatic with the decision you made today

[@sushimarshmallowstreats7060]

You're right, it's obvious a lot of people remain poor due to ignorance

[@michaelandrenio993]

I'm enjoying working under a platform that brings good return in my life and I've been making my weekly returns without stress all in cryptocurrency

[@indiaculture5166]

Yes Investment is a stepping stone to SUCCESS, indeed when you invest you're buying a day you don't have to work

[@2010XJP]

Don't owe them money. Pay off every month. The credit companies are legalized loan sharks.

[@lauromartinez8948]

Just don’t borrow money. There is no need to play their stupid game.

[@muffemod]

@@lauromartinez8948 cream money

[@jimbimedia]

@@lauromartinez8948agreed. Live like it were 1963. Simply. No unnecessary crap. Collectively figure out how to eat sharks and not be eaten by them.

[@rowdyrx6109]

Use a debit bank card. The money comes out of your checking account for purchases. No interest,no debt. We have zero credit cards and our Fico scores are 790

[@ftsumhagos7992]

if significant number of ppl do that, they'll just increase the payment period to sth like every 3 months so ure more unlikely to manage ur finances.

[@Ernoburger]

Wonderful documentary. What I always appreciated about Frontline/PBS production values especially in the mid-2000s is the way they get you into the story. The cinematography, the lighting during the interviews, the voiceover, the way the story is written and constructed really gives you a feeling you're getting an inside look and an understanding into what went down. I hope Frontline is still like this today. Haven't had the chance to watch any of the newer docs yet.

[@joymanifestor4561]

Agreed. And would also be interesting to see an update on this story. A lot has happened since 2004.

[@mercyk2672]

I'm with you. I just felt like I could really trust that reporting. Ted Koppel is getting older, I don't think he's very involved with Frontline as much as before

[@lillagahnavich7700]

Yeah they started off at a Cattle Auction hahaha...ease you in to corporate greed 😂

[@fritzstehr]

"Haven't had the chance to watch any of the newer docs yet." 👇‍ This is from 2004, that's 18 years ago: stale 1 (stāl) adj. stal·er, stal·est 1. Having lost freshness, effervescence, or palatability: stale bread; stale air. 2. Lacking originality or spontaneity: a stale joke. 3. Ineffective or uninspired, usually from being out of practice or from having done the same thing for too long.

[@terryblomstedt8555]

@@fritzstehr number three on that list of definitions is defined also as Insanity

[@Drop213]

Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny *VCORPINVEST* to my friends and people I know regarding any credit situations

[@bernl178]

And on another note, I must congratulate PBS for this wonderful work. You would think this would be shown or maybe even taught in universities in colleges throughout America so at least people would be aware, but we all know that that’s not going to Happen

[@justmyopinion9883]

Well said. Thank you. Only thing I would change, is I think the classes should be taught in high school.

[@hydroaegis6658]

It's interesting to see how even the "villains" in these documentaries are more frank, well spoken, and willing to speak than their equivalents today. Edit: Especially that guy who changed the minimum payment from 5% to 2% and lowered introductory APR to 0%. He straight up explained how he was taking advantage of human psychology. That would never happen nowadays.

[@Thatonegirl989]

Yeah they’re definitely still trying to cover their asses and deflect, but it’s surprising to see they showed up. Nowadays there’s rarely even a statement given.

[@alb4271]

It’s called integrity. Btw, great to see Elizabeth Warren so well spoken and advocate for people even then.

[@Thatonegirl989]

@@alb4271 agreed! That was really nice to see

[@mns8732]

@Hydro Don't give these loan sharks any thanks. 200 years ago they hanged people like him

[@JohnDoe69986]

Did you see the report that the upper class now has more capital than the middle and lower class combined? We will have to go to war with these fucks before they run us into the ground. They will have mansions surrounded by walls, banks with impenetrable vaults, the politicians and then the cops will take their side, then the fabric of society starts to rip. This is when people splinter into small groups for their own survival, they will capture farms, water plants, power plants, railroads, bridges, airports, anything of value and exploit it for their own benefit while everyone else dies. The elites will watch from private communities with all the amenities, they’ll seal themselves off and create a city of excess. It will be protected by soldiers whom will be given more than they ever had and they will be thankful for the opportunity to serve. The upper class will be the new middle class running the society with robots, and futuristic technologies. All while we slaughter each other in the greatest reality show the elites will ever have.

[@leegalen8383]

This should be shown in every high school in America.

[@TheCatzMeowMix]

@ Lee Galen… I fully agree with you. This is something they should Learn… but then look What they are “Teaching” now. CRT… Marxism… Communism… Communist Core for Math. Math is Math. I love it because it Makes You Think. I HATE Math… Because I CAN’T do it. They should be Teaching Science… it also teaches Logic. They should be Teaching History. I’ve always found History quite boring and Hated it. Now… I look at it from the Social Science point of view and find it Quite Interesting. With History… THEY NEED TO LEARN IT… Everything that seemed to happen with Hitler… is HAPPENING RIGHT NOW. This video is about LEARNING… it is about LIFE… and it SHOULD BE LEARNED. I’m surprised this video would still be here. Why? Because these Crazies don’t want you LEARNING ANYTHING. Our Schools now… They teach only One Subject. That Subject is called STUPID. When the schools teach Stupid… The People are Stupid. When the People are Stupid… Society is Stupid. When Society is Stupid… The World… is STUPID!

[@robfielding8566]

It has gone from "spending what you don't have" to, "I can't go to work without using my credit card, because the parking garage no longer accepts cash". I was shocked when I was in The Netherlands, when I ate breakfast; and they told me that I cannot pay in Euros. It should be illegal to force people to use credit cards; as cash is legal tender. When I had my card max out once, it was a nightmare because online sites, my parking garage, etc.... can't take cash or checks now. I thought I was smart and bought some pre-paid cards; only to find out that on a $10 purchase, they would charge a few dollars PER TRASACTION; making it useless for small charges. It wasn't compounding interest; but definitely a rip-off.

[@MH-be6hr]

Not all pre-paid debit gift cards charge huge fees per transaction.

[@donchampagne6211]

I'm sorry Rob, but you need to learn basic money management. If you don't want to use a credit card, your back will issue you a debit card that works worldwide.

[@rrr00bb1]

@@donchampagne6211 You don't get it. I live in the United States, and people are not taking USD. I am in Europe, and they aren't taking euros. If I got buried under medical bills and can't get a credit card, I couldn't just do the sane thing and pay cash. That's a problem.

[@rrr00bb1]

when your credit card info has been stolen, the credit card company will gladly refuse to pay the merchant. i have had my debit card stolen (yes, including the pin); and it's nothing like dealing with credit card, because they need to reimburse for the stolen money -- not just refuse to pay the merchant. So the vexatious barriers to paying you back are a lot higher. The solution to this is to force people to take cash. Credit cards are criminally insecure too. The reason why Elon Musk and Jeff Bezos are the richest people on earth is that they both created payment systems where you specify the amount the other side gets; rather than having the card number effectively be a password that you give to every gas station attendant and waiter you interact with.

[@postholedigger8726]

This isn't an issue about LACK OF EDUCATION. It is about wealth and power corrupting the laws of our land forcing Americans to use their financial products. Lobbyists and the bribes they offer to lawmakers change the legislative scenario from OUR lawmakers to THEIR lawmakers. Understanding how lobbyists corrupt lawmakers is the education. PHD

[@reneevaradaraj7040]

I use cards like a debit card and pay them off weekly. Then I get to keep cash back rewards. This requires discipline but we should be using these cards to our benefit.

[@butchcassidy3373]

You're paying extra using a credit card, so the cash back was your money to begin with.

[@Marie34694]

@@butchcassidy3373 : please explain 🙏🏽

[@butchcassidy3373]

@@Marie34694 the credit card companies charge the vendor to run the credit card. Usually around four percent of the purchase price. By using cash at local businesses, most will give you a discount. Sometimes as much as twenty percent.

[@joc8092]

@@Marie34694 lol, not buying that guy's explanation

[@Marie34694]

@@joc8092 : I’m open to learning all perspectives.

[@jsoo67]

On a lighter note, it seems like Elizabeth Warren is the type of woman that could be extremely mad but will still manage to stay polite and wouldn't drop one vulgarity.

[@juanmonge8]

She was a good looking woman, back in the day.

[@cheyennegalen]

She got that professor job at Harvard, only because she is a full blooded Indian.

[@emilykim7053]

Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be Successful in life

[@sebastianmateo9434]

Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in to that you don't have to be physiclly in the same place and of course,for large transactions, currency can get pretty Inconvenient.

[@paritapatel7062]

When Bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the bitcoin universe an algorithm replaces the function of the government... (that) is actually pretty Cool.

[@gratisgratis7275]

It is not a speculative investment even though it is being used as such by other people. As Bitcoin network grows the value of Bitcoin grows. As people move into Bitcoin for payment and receipts they stop using US Dollars,Euros and Chinese Yuan which in the long-term devalues these Currencies

[@jesusavila3918]

Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.

[@liamjames3752]

Most people remain poor only because friends and relatives discouraged and trading forex while the wise ones kept investing growing higher financially.

[@kennetharntson5912]

In the beginning I was forced to have a credit card in the 70's when I had finished working in Bahrain and returned to the New Orleans Airport and tried to rent a car with my passport and pay cash. I could not rent the car with out a passport even though I had $10,000 cash with me I had to call my sister at 2:00 in the morning to drive from Baton Rouge to pick me up. I worked internationally and found out that I could not rent a car or reserve a hotel without a credit card. However, I always settled the bill with cash or check. I made it a point to never pay with a credit card. Finally the debit card came out and I now can use it to reserve cars and hotels. 90% of my transactions are in cash. Only when I buy something on line do I pay for it with the debit card. I am a construction worker now 76 and retired, never been in debt, never made a loan, and always paid cash even for a car or a home. I guess why I have no money worries in retirement.😊

[@FletcherFinance]

It's amazing that just a few years after this, Congress passed legislation that required a lot of these disclosures and the world did not fall apart.

[@freedomhelpandhopeallarefr5626]

​ @rianmonnahan 8 Let no debt remain outstanding,...(Romans 13:8) ...and the borrower is slave to the lender.(Proverbs 22:7) We should read Bible carefully and meditate on it, we'll find God's words always protect us from being trapped!

[@pushing2throttles]

I haven't had credit cards in 15 years and I've stuck to a strick cash only policy. If I can't pay cash for it, I can't afford it. Plain and simple. The only times it becomes a pain to not have a major credit card is with hotel deposits and rental car deposits. That's it.

[@micheleconner5083]

What about an emergency? Say your car breaks down and no $$to fix,but need car. It's always nice to have one put somewhere, just in case. Been there many times.

[@bobhsohi704]

Your passage just described me I have no credit cards I'm done with them I pay cash or do without

[@cherrybomb2600]

In an emergency, I use my savings account. I never had a credit card & I'm 69.

[@cyrusdubash3097]

​@cherrybomb2600 most people today don't have much savings if any. It's a new economy.

[@fritzsmith3296]

@@cherrybomb2600 "In an emergency..." I'm 79, and the same with me. PS: I know people who make less than the poverty rate who actually save money. Folks have been propagandized by the credit card companies since the 1970's. Once we become conditioned to living with credit, we will continue that habit forever. Credit card companies know this. They suck you in with "no interest until", and balance transfers interest free until. It's going to take a deflation like the 1930's depression to get the people to stop using credit and relay on cash (or savings for large items). I can't understand why folks who say "we need a credit to meet our needs". Something seriously wrong with folks who carry an average of $6500 who say we can't cut down on spending on credit. Todays credit cards charge 22% or higher. At 22% on $6500 means an extra $119.00 per month. The irony of this is these folks MUST actually reduce spending on certain things so they can pay an extra $119/month on credit interest. How the hell is that a good thing? "Never leave home without it" is one of the slogans that got us into this mess. Start a new club called "Always leave home without it."

[@SabrinaTharp-q2i]

This is definitely a eye opener I think everyone should see this . I've never gotten a credit card in my whole life and I'm almost 49 years old ..definitely gonna share this with my family and friends.

[@nickimillennium]

I’ve always said that a credit card is for people who don’t need it. If you need a credit card to pay your bills don’t get one.

[@TisDana]

How are you paying for KZbin? The internet? If you’re having a company take money directly out of your bank account, that’s dangerous.

[@ryanlorance6168]

You guy’s do such a good job with these documentaries 💯🙏🏻

[@brajeshsingh2391]

its very good. I am not huge fan of documentaries for 2 reasons. One because most of them tell what is already known and two most of them are heavily opiniated like they care more of opinions than facts but this one dives really deep.

[@juiceneros]

credit card companies be like “yesterday’s price is not today’s price” 😂

[@Ge_oohh]

BING BONG! 😂

[@donaldadams4826]

You be like. Duh 🙄

[@freedomhelpandhopeallarefr5626]

Let no debt remain outstanding,...(Romans 13:8) ...and the borrower is slave to the lender.(Proverbs 22:7) We should read Bible carefully and meditate on it, we'll find God's words always protect us from being trapped!

[@eldiablo3794]

After my grandmother passed away I was going through her belongings and found her very first "diners club card" from the 1956 and it was literally a metal tin card lol. The size of it was different, too. It wasn't the size of the standard credit/debit card that are around today. It was long and narrow with 2 rounded edges and 2 sharp edges and her account number and information was stamped into it like how they do on military dog tags. She had the original leather card holder that it came in too. As a cyber security analyst, I'm also amazed at how far the technology that goes into credit cards have come, too.

[@juanmonge8]

Was it a “ charge plate” ? You would run it over carbon paper to make an imprint.

[@Holidaygal]

@@juanmonge8 Back in the day most department stores and drug stores issued a metal charge card to their customers.

[@jamalwcoleman]

Buying things you don't need, with money you don't have, to impress people you don't like. The American dream.

[@arnoudbekkerde4346]

I am so happy that these predatory practices are not possible in The Netherlands. You have to pay off your debt every month, your credit line is dependent on your income, even getting a creditcard is regulated. I would've been thoroughly screwed otherwise, because I was a giant idiot in my twenties

[@HarmonicWave]

What made a big difference for me was when I looked at the bottom of my credit card bills and saw the actual dollar amounts of interest charged that month... not the interest rate or minimum payment amounts. When I saw that I was paying over $1,000 every month in INTEREST on all my cards together that's when I realized I had to do something to pay it off (like sign up for a debt consolidation program).

[@PassionPno]

Clearly, you don’t pay your cards on time. I’ve never paid a dime of interest for my cards.

[@shanenoel1270]

The Frontline narrator has an amazing voice. So articulate and very dramatic. Makes me want to watch the show just to hear him talk 🙂

[@charlesstahlheber5457]

He does them all

[@charlesstahlheber5457]

Will lyman

[@pvtjohnson6055]

Can you imagine living without a credit card, I've done that my whole 57 years.

[@guyaldrich5878]

so you buy nothing online ?

[@carlr458]

​@@guyaldrich5878actually, that probably helps keep them from debt too.

[@CA-oq1ce]

I’ve made my 50 years without one too. Debit card for purchases that require a card.

[@guyaldrich5878]

Debit card is a link to real money,no way I am using that online or anywhere !@@CA-oq1ce

[@globalfamily8172]

Do you have a business?

[@cathenderson7415]

Budget. I don’t care who you are. Everyone should have a budget. Never exceed what you have coming in and live within your means. And the credit card?…is merely a tool of convenience to implement that budget. Period. The beauty of an Excel “envelope” system of budgeting is…the money is there to pay it off when the bill is due.

[@markmyjak7739]

I got rid of my credit cards 20 years ago. I'm so happy not having them. And Yes, I can live with out them. I remember buying a new electric range/stove all cash. $600 purchase. The cashier freaked out when I handed the cash.

[@googleuser868]

Some of the cashiers look at you like your a drug dealer or a pimp when you pay cash these days. Think I need a pink hat with a feather in it next time I start throwing Benjamins at the checkout.

[@markmyjak7739]

@@googleuser868 Good idea. I have my trucking pimp hat. I'm going to wear that the next time I make a big purchase😃🤑

[@lymarie1974]

@@googleuser868 I’m not gonna lie. When I read your comment, my first thought … under cover pimp daddy trying to sound like a normal hard workin dude🤣🤣. I’m so sorry.

[@childfreesingleandatheist8899]

@Mark Myjak: If you had paid that stove with a credit card and paid it in full at the end of the month, you would have gotten $6 dollars back to use for whatever you want. Always pay your personal expenses with credit card and pay back in full.

[@markmyjak7739]

@@childfreesingleandatheist8899 I can't be bothered chasing cash backs on credit cards. I have a stock that gives me $15/month .

[@learningtime8544]

Most importantly, people need to spend within their means. Give back the card or keep one only for emergencies. And as far as possible, pay the amount before the deadline. That way, you pay NO interest or fees. Also, of course, control your spending. People buy lots of unnecessary stuff. You do NOT have to do what others are doing. It is fine to be different.

[@kelseybisset88]

I mean yes, but when you close a credit card, your credit score lowers and you're less able to get a mortgage or car loan. So you can't just give them all back.

[@johnhuber7255]

Wait wait wait... you mean that the HOLDER of the card should be financially responsible and not buy things they cannot afford???? No no no... its the credit card company making these people spend more money than they have! Its got to be the credit card company's fault... because if its not then whose fault is it???????

[@liarzdice]

@@johnhuber7255 while you're 100% right you and I know most people would never accept that they have more control over their outcome than they think. They'll blame externalities for why they're always behind or victimized. Life isn't always fair and your circumstances today might not be completely your fault BUT you are responsible for it. No one is going to pick you up and dust you off. Keep at it no matter how bad it is, learn from mistakes and continue to be a better version of yourself the next day. Over a lifetime that's a lot of positive change. But it starts with personal responsibility. Also, listening to Warren is so cringe. Total saleswoman who plays her constituents like puppets.

[@neoncat9573]

@@kelseybisset88 That is one of their dirty tricks. It seems to me if a person closes a credit card they are acting responsibly. But the credit card industry uses that as a reason to call a person a bad credit risk. That is just part of the diabolical nature of the credit card industry.

[@TA-ht4jo]

People need to also learn how to use a credit card. Only use a credit card when you have the money in your account to pay it off.

[@shandellmansion7579]

Old folks when I was a kid gave me wise advice. They said if u can not pay cash for “it” u do not need it. That stuck in my head through out the years and I do not own a single credit card. Credit cards are like asking a big bully for money. Sure here is 50$ but ur gunna owe interest with fees. It’s no brainer, u say no thanks and walk away. Credit is evil and the worst bully ever. Live cheap and save big. 😊

[@wit2pz]

Interesting to note that my full understanding came to me several years ago when I realized that over several years of paying a little more than the minimum requirement on several cc bills, the total amount owed changed very little! Then I started thinking about how much the cc companies were making on my account alone over the years of paying that small debt back a little at a time, then I multiplied that by the 100s of people I knew personally, then multiplied that by the millions of people I didn't know and came to the conclusion that these cc companies have a stronghold on people who simply get into a habit of paying the minimum or a little more. I was dumbfounded thinking about how much money I had paid over the original amount owed, and I had 3 credit cards at the time I realized this! I started to pay aggressively on the one with the highest interest rate while paying minimum on the other two, until I was within $1000 of zero balance. At that time, the cc company (Citibank) called me at work and offered to absorb my other cc debt at 0% interest for 1 yr, but only up to a certain amount. I refused, and they continued to aggressively offer other deals and incentives. When I said no to everything they were trying, they raised my interest rate just as my outstanding balance went below $500. I paid it off and closed the account, then went on to the cc with the next highest interest rate. Paid them all off, then only kept the one with Wells Fargo open. Unfortunately, they have started some other underhanded tactics to generate business. They wouldn't let me add my son to my checking account; they insist he has to have his own checking account. He's 15 yrs old and started his first job this summer. I closed that account and added him to my credit union as an authorized user. I will close my cc account with them as soon as I find a card with the most benefits and a decent reputation. The only thing I'll have with them at that point is my mortgage. One thing for sure; these corporations are not in the business to lose money! Buyer beware, and even with the warnings up front in bold print, people live by the bliss of ignorance! I know I did!

[@Massivemonster1234]

Can you please write longer posts next time? Way too terse, pithy, and succinct.

[@wit2pz]

I guess the baby needs attention. Here you go, li’l lady. Now run along.

[@pamelamohn5931]

​@@Massivemonster1234That post was very informative. 😂 Do you work for a credit card company?

[@pamelamohn5931]

​​@@wit2pzI appreciate your comment. Our household had the same issue. At one point even though we were always paying over the minimum balance we had one company double our minimum payments . I literally called them in tears. I told them you have two choices; you lower our minimum payments to where it was, or we don't pay you. They did lower the payment. It feels so good to be free of credit card debit. Your description of how to get out from under their thumb is perfect. We truly do become slaves to our debtors.

[@devorahjeane1017]

This show is from 2004. It is still relevant in many ways. I have been in and out of debt w cards and most recently had a huge expense for my home. It was easier to borrow 10G at 0% for 1year on 1 card and 16mths 0% on another card than to get a loan. The trick is to pay off as much as you can 2 or 3 times a month and not get charged interest. I have paid back 1/2 of my debt and still have 8mths on 1 card and 1yr on the other. The truth is credit cards are necessary. Using them is not, unless you have a plan to pay them off every month or do transfers at 0% and make a plan and stick to it. There is nothing better than being debt free and its easy to check your fico score with Credit Karma.

[@davidcole8448]

Fifteen years ago my wife and I chose between a credit card or a mortgage and do without, we chose a mortgage and in the last eighteen months our house appreciated by $ 150,000.00 granted we live here in California but 150 K is still 150K, in conclusion it's great not giving our money to Visa or MasterCard.

[@levelup1279]

Yeah I love my credit cards, eairler this year I spent about $17,000 in a single month on business expenses & had the cards paid off instantly. I use cashback so it's a 2% boost to my profit margins & I've never paid a cent in intrest.

[@user-sh2mk8ew4c]

credit cards are NOT “Necessary”.

[@user-sh2mk8ew4c]

@@davidcole8448 ABSOLUTELY!!!

[@Tracymmo]

@@user-sh2mk8ew4c They are when you are trying to keep some kind of credit record. My credit score went in the toilet when I went all-cash. I got one, low limit card to start rebuilding. My score was still low because that was my only debt. I had to get a high interest emergency loan this fall, and that is what boosted my score. What a racket.

[@georgekrivosic5094]

No wonder there is a debt crisis. These sharp practises need to be regulated. No doubt this has been duplicated in the UK and elsewhere around the world. Your documentary has certainly opened my eyes, thank you.

[@chrisp7110]

Yeah. They used to limit interest charges, and the interest was not as much as it is now. Now they charge you a late fee plus interest, whereas when I was in college they used to charge you just interest. So if you didn't pay $1.00, then it is $1.09, assuming your interest rate is around 9%. Now they slap on 9% plus 35 dollars or more, depending on the contract.

[@angel-ij4xv]

I'm never touching credit cards

[@rhumbatron2912]

I’m happy to see so much heartfelt effort to tackle this issue, Thank You.

[@lanreoshisami8934]

Yep, cuz it's affecting them too.

[@mattsweet7331]

This was aired in 18 years ago, our appetite for debt hasn’t slowed, it’s accelerated.

[@casseromadeleine5363]

"if you don't find a way to make money while you sleep you will have to work hard until you old". Invest more spend less

[@noahgonzalez9041]

Assets that can make you rich Bitcoin Stocks Real estate

[@seanbenson5898]

@@noahgonzalez9041 Stock's are crashing, Bitcoin investments Right now will be at every wise individuals list, in a month you will be ecstatic with the decision you made today

[@jenkinzbrown9519]

@@seanbenson5898 You're right, it's obvious a lot of people remain poor due to ignorance

[@alexanderjason1960]

I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings

[@indiaculture5166]

Starting early is the best way to getting ahead of build wealth, investing remains the priority

[@cowdogmoof]

I'm known as a "deadbeat" in the credit card world because I pay all my cards in full every month. It is really the only way to play the game and win.

[@V.E.R.O.]

I'm a "deadbeat" like Ben Stein, ever since I got my first credit card my freshman year of college. Anyone who doesn't pay their bill in full at the end of the billing cycle is wasting a lot of money, I've come across people who only pay the minimum amount and had no clue they could pay their bill in full.

[@paulcook735]

I am too but what the CC companies need to realize is they never ever have to worry about us paying. No charge offs, no collections calls, no selling off for pennies to third party debt collectors. Only carry 1 and have for 20 plus years and no interest for over 14 years. This of us deadbeats as T-Bills and the revolvers as GME stock.

[@Sigma13X]

Part of me wonders how accurate the deadbeat depiction is. Vendors pay the credit card companies anywhere between 3-7% of the transaction. If Americans charge $2T per year, the industry is still grossing 50-100B in just transaction fees. Obviously there is still the expense of paying points and processing the transaction but I'm sure they do just fine.

[@deidradahl2802]

So my friends paid their bills in full, and the company started charging them for clearing their debts in full, I have never owned a credit card, if it seems too good to be true, it usually is, because the company is in the business to make money, not to help us

[@V.E.R.O.]

@@deidradahl2802 That's odd, I've never heard of that happening and it's never happened to me, I have 5 credit cards.

[@deidradahl2802]

@@V.E.R.O. My sister and friends lived and worked in the Caribbean for a while, it happened to them , I do not know how it is now, since I am a coward, and have never owned a credit card, I am not familiar with the rules

[@justmy2cents_]

This needs to be broadcasted 5 days a week every 3hrs to every family in the US so to show the consumer how ethical & responsible these financial institutions are! Just to show how loyal they are to their board of directors & their profits! The love of money is the root of all evil! Absolute corruption in every facet of government & we the consumer are just guinea pigs! Credit cards are for emergency only ppl not for leisurely seduction use wisely be frugal or pay the consequences!

[@donchampagne6211]

I get a 1.5% rebate on every purchase I make with a credit card. We're a consumer driver society. I'd suggest you move to Cuba or other "socialist" country but my guess is that they use credit cards there now.

[@for_films_sake]

I agree, but the message to stop unnecessary spending needs to be stronger. Live on less.

[@zoer7338]

Unfortunately we can't order anything online or on the phone without a credit card. A credit card is a necessity for me now, but I pay off my balance every month.

[@slippinslidewayz]

@@zoer7338 FYI debit cards work the same way, with the same protections, and the same fraud preventions with a federal guarantee up to $200K per account.

[@OneAdam12Adam]

Absolutely!

[@roycorey7454]

Many people venture into businesses and |nvestment to be wealthy, meanwhile I just want to be debt free.

[@kelvinmcdonald5113]

You're right, Fear is one of the factors that hinder most persons to invest into crypto, most persons say ignorance..

[@johnchris7085]

Now is the best time to purchase and invest in bitcoin, stop procastinating

[@claresmithy4667]

When you invest in crypto you are buying days you don't need to work

[@billymark7125]

@haydencraig7149 I will personally refer you to Anna S Wilson, her trading methods are working perfectly.

[@billymark7125]

@haydencraig7149 Face book👇👇

[@tommyob4762]

Get one without any annual fee. Pay the balance in full before the due date. This way you avoid interest & late fees. Don't use it for foreign transactions or for cash upfront because there are fees on those as well. Read the paperwork and ask any questions you have when you get the card so you understand everything. The cards can be a benefit for you with their reward programs/cashback. Or you can be a sucker for the banks

[@knightcrusader]

It only took 5 years after this to get the Credit CARD Act of 2009... and thankfully we have at least that much. I got screwed by Bank of America with one of those "we changed your interest rate from 2.9% to 29.9% just cause we felt like it" right before that law passed.

[@topiasr628]

I got burned by Chase's Overdraft fees whilst I was in college. Sure I could've (and should've) been more responsible in looking back, but I can't help but see just how prayed upon I was

[@FeedMeMedia]

That's exactly why i left BofA and will never go back

[@rwrootbeer]

BOA . Like the snake it just keeps squeezing until it swallows its prey whole ....

[@civlyzed]

@@topiasr628 Did they teach you in college that it's "preyed" upon? Cheers!

[@michaelvonfriedrich3924]

@@FeedMeMedia I told them basically to F…………..k off I will never never never do business with them again.