$(document).ready( function () { talk_rendercallback({"enabled":"1","islive":"0","eid":5720,"total":"44","discussion":[{"nm":"Ken Ripley","rs":"0","ms":"I know there is an endless list of credit card horror stories, as evidenced by the cataloging above.  However, credit cards are not all bad and they do serve a useful purpose.  However, the credit card system can be mis-used in ways that are disadvantageous to the user.  If you want to preserve your cash or you don\'t have enough cash at the time of a purchase, a credit card is a source of FREE credit - as long as you pay the bill in full when it comes.  If you choose not to pay that bill - and many so choose - then you open yourself to credit that is no longer free.  People complain endlessly about how they have been taken advantage of by this system.  But their choice was to enroll themselves is this intricate system of charges.  It is not that these charges are hidden - although they are described in the small print, this usurious system is well described in the popular press.  Furthermore, how can you complain about not knowing when you choose to not read the fine print in the first place.  It seems to me that our society (this has been said many times) is an addictive society.  We are addicted to drugs, we are addicted to over-eating, we are addicted to smoking, we are addicted to credit cards.  All of these things are harmful to us, but we choose to do them anyway.  And because of our weaknesses, we end up having to call on others to rescue us, and to pay the bill for rescuing us.  This exact process is so prevalent in our society today that virtually all of our government and public time and resources are devoted to rescuing us.  We choose to succumb to our weaknesses and expect someone else to solve the resulting problems so that we can go on behaving in exactly the same way.  I think our society is totally consumed in dealing with our own greed/addiction (they are highly related).\n\nEnough philosophy:  several credit companies have been mentioned above.  I have to say something in their defense.  I have been using credit cards for many decades and they have provided me with FREE credit for all of those decades, because I pay my bills in full when due.  The credit card companies have supported me in numerous charge disputes and I have to say that they have always treated me more than fairly and have decided almost all my disputes in my favor.  Furthermore, over the years, there have been many slip-ups in getting my payments in on time, usually due to my own fault.  I have called my companies in each of these cases and, almost always, they have refunded these charges.  \n\nCase in point:  I currently have 3 Chase Visa cards which I pay via a money management package (MS Money).  Last month, I entered the payment in the program account register but forgot to click on the "pay" option.  I learned that two bills had not been paid when  email alerts arrived from the bank the day after the due date.  I called Chase right then and told them that I wanted to inform them of what happened and that I had initiated payment that day.  The two payments arrived a week late.  I called Chase Visa again after then payments had been received and asked if they would be willing to offer any consideration in this case.  They immediately refunded the two $39.00 late fees.\n\nI am one credit card user who can state categorically that I have been served well by the credit card industry.","pt":"Feb 28, 2010 18:52"},{"nm":"Rich","rs":"0","ms":"The future always seems brighter, but once it arrives, it also contains a set of challenges that must be paid for.  Live within your means and pay your bills off monthly.  I cringe when I hear about people that carry a balance on a CC.  \n\nI have taken a 0% or 1% offer card, drafted a check off of it with no fee and invested it with the same bank that gave me the offer and made $200-$400 a month on it 3 years in a row.  How/why, because I do not carry a balance on a CC.   ","pt":"Feb 28, 2010 16:08"},{"nm":"Vladtepesblog","rs":"0","ms":"The first comment refers to a \'no interest\' form of banking called \'sharia compliant banking. Readers should know that this is entirely inaccurate. Islamic finance is all about interest rates but they are charged in advance as a \'fee\' as Islam like communism etc. cannot change the natural laws of the universe merely because they want to. Also, any interest that is earned on a principle amount etc. is to be disposed of in a sharia compliant manner. In pretty much all cases that means to disassemble western civilization. Whether it means investing in things that prevent a pig farmer from succeeding, to actually giving money to terrorist groups. (please see Holy Land Foundation Trials)In essense, the poster in the top comment is not being honest about sharia finance whatsoever. It is the fast track to the end of all that is good. Just because some of our own institutions are less than honest, is not a reason to destroy it all and accept something which is rotten from the cellar on down.","pt":"Feb 28, 2010 11:13"},{"nm":"c. ali","rs":"0","ms":"Reading and realizing all the suffering that is going on with these interest\nrates that are gouging the money from us average Americans, shows the wisdom in Islam where interest is forbidden.","pt":"Feb 24, 2010 13:07"},{"nm":"J.","rs":"0","ms":"Appreciated your story but it fell short by at least one detail.  Banks not only process the largest transaction first, they put "holds" on funds before the merchant processes the transaction so that all transactions received thereafter including the one for which the hold was placed cause overdrafts and overdraft charges.  The "held" money is no longer enough to cover the transaction for which it was held because all the overdraft charges for transactions not paid because of the hold caused the account to be overdrawn so the "held" money was used for the charges instead of for the transaction for which it was held.  Seems illegal to me.","pt":"Feb  7, 2010 23:01"},{"nm":"Derrell Greene","rs":"0","ms":"What is becoming of this world? The honesty is out the window. The big banks are getting bailouts from the American tax payers and they are making it known they are basically finding ways to rip us off. The banks are operating with our money and we get penalized. We all should just pull our money out the banks and let them fail. My wife has a card with Chase (formally Providian) that went from 9% interest to 24% interest. She never was late on any bills because I handle all the finances. She charged $4000 on her card to start a Mary Kay independent side business. Providian raised her rates saying after checking her credit periodically, her credit score had dropped. Well, the only thing that changed was the balance charged on their card and again she was never late on any payments. I suppose to have faith in the system when they are clearly cheating the American people. LET THEM FAIL!","pt":"Jan 31, 2010 22:23"},{"nm":"David S","rs":"0","ms":"Our cards seemed manageable.... Until each of them slowly (or not slowly) raised the rates to the point that we now can\'t pay them. I am so angry at the greed I am thinking about doing something I would have NEVER thought to do. Letting these greedy capitalist pigs suffer. If I had the power to get 500,00 people to follow my lead and say forget a good credit score... They want us to worship that "credit score" like it is our god!! I don\'t care anymore!! As of today, not one more payment will be made to Chase or Citi..... until they bow to me, Until they bow to US!! The customers that have made them BILLIONS. In these times to do what they are doing, jacking up rates, is morally the lowest thing you could do to a human. Are there 500,000 angry people out there? Would you like to make them suffer for a while? Let them ROT. Let their CEO\'s ROT!! Keep your credit card payments for the next 6 months in cash under your bed. Don\'t use your cards and don\'t pay one penny more to the greedy pigs. I live to see the headlines "Citi & Chase close their doors"","pt":"Jan 31, 2010 04:01"},{"nm":"J.J.","rs":"0","ms":"One should look at the practices of the credit card companies relationships with retail stores.  For example, Sears pushes their cashiers to have customers open new accounts through Citibank.  The store gets a kick-back that is profit and goes right to the bottom line.  The cashiers, most being high school students, are not trained about how credit works, but how to get the customer to say "yes."  They don\'t have the customer read the disclosure form, but tell them to sign and date here.  They tell the customer that they will save $15, not that the interest rate is 18% to 29%.\nJ.J.","pt":"Jan 31, 2010 02:07"},{"nm":"Mister","rs":"0","ms":"My trip began with Chase 3 years ago with an over limit of $7.39. I was immediately hit with over 100 dolars in fees and penalties.  When I asked why they would set a limit and approve the excess, their explaination was "as a service to the customer."  I asked why set a limit if you allow the customer to go over it.  I naively offered to pay the overage ($7.39 plus interest) to no avail. My interest rate went from 09.11 to 29.99 which I would and could not pay.  After several calls I realized it was useless.  After three months with no payments on my part, a desk manager called to inform me that if I would pay the agreed rate they would eliminate the increase and interest for 6 months.  As I  had tried to work with them for three months with no results, other card units jumped on the band wagon to increase my rate to 29.99; even when I had never been late or over the limit.  My credit limit was 15,000 on one card.  So, I had good credit to have a rate of 9.11 and even lower.  The damage was done and it was in the credit bureaus ao I informed them that I would not pay anything.  my credit was shotin the three months fight with Chase so why pay them and still have a hit on my credit.  By going "cash" I saved about $800 in monthly paymetns and began financial security.  I have one (1) free of cost debit card and a $5,000 CD. If you are not buying a big  ticket item such as house or car. save for it.  It will give you a good feeling to say "I am paying cash." ","pt":"Jan 28, 2010 23:38"},{"nm":"Connie Campbell","rs":"0","ms":"I\'m reminded of the ads that beg the Americans to donate to the funds for the earthquakes,tsunamis,hurricanes,etc. They say, Please help the homeless and starving, the unfortunate. Please have your credit card number available when you call. The credit card industry knows its like taking a truckload of candy to a starved bunch of children. They wont turn it away. Its survival instinct.","pt":"Jan 28, 2010 12:09"},{"nm":"Ed B","rs":"0","ms":"The tricks banks used are incredible.  I was charged a fee for being overdrawn.  The reason, although my paycheck was deposited at 12:01, it was recorded after the expenses of that day and I was overdrawn by a couple of dollars.  Now I watch for that too.  Worse yet is the free interest loan a bank gets from a check deposited from another bank.  The paying bank records the money as paid but the receiving bank won\'t recorded it received for up to 14 calendar days.  The recepient does not have the money for two weeks, the bank does.","pt":"Jan 27, 2010 23:48"},{"nm":"Frieda Horner","rs":"0","ms":"Thank you for your research and the show you did for all of us people out there.I can relate to everyone of the messages listed.My big run in with a bad Credit Card Company is Discovercard and other Catalog Charge accounts.I settled Chase Bank on my own through the CEO whom I personally contacted directly of course I had all my statements together and prove that the irregularity of playing with dates and recording errors,ufair enormous fees even though I paid always on time and more if I could.It didn\'t matter they ran the closed accounts into downward spiral.The Chase Bank CEO called me and even gave me his direct line and he had the secretry  do an extensive research on my closed account and they refunded all in all $ 800.00 plus change on wrongful fees ove the last year.And I am on a balance liquidation program with them now to pay the last final $ 800.00 .\n\nDiscovercard is the worst of all.I closed my account with them five years ago and always paid on time,more when I could,never late.One nice weekend a few years ago they started holding the crediting payment(hardcore posting) till after the weekend  for instance they posted  a wrongful fee first and the payment a day later so it looked like the payment was late.\nI argued around with them for years and sent numerous certified/return receipt letters with proof that they did wrong.\nThe fees totaled way over $ 1000.00 to keep my closed account at a$ 3800.00 level and still continued to apply fees.I called them and I said I would get CNN involved and the local news on your side investigations.\nFinally one of their Executives sent a letter saying they offer a reduction of interest charge to .99% and if I can pay $ 70.00 a month there would be no more fees or wrongful charges applied.\nI said fine, so far the statements  are correct and no fees show up anymore.But I am still paying  like on a $ 3400.00 balance and I don\'t know if thats a good deal they offered me.If all was correct I should be at a not even $ 1500.00 the most I would owe them.\nSo as we can see,it teaches all of us a lesson and the cash only is the way to go like in the olden days.I think the Bankers and Creditcard Companies need to be controlled and under a regulated program by somekind of Agency.  \nThey went way overboard with their greed and don\'t care attitude.All the big Bank Presidents and Executives on the top ripping in the Millions for them and the poor middle class worker is broke because of their unfairness.\n\nWay to go -cash only and for the Checking  Accounts I think people should not use any of their overdraft protection offers anymore so they can  rip off more charges and fees.Just use the Checking Account together with a regular Savings Account so their will be no interest charge and at least on a regular Savings Account one earns some interest every month instead of paying interest to the Banks.\nFrieda Horenr January 27.2010","pt":"Jan 27, 2010 21:57"},{"nm":"Liz Moody","rs":"0","ms":"It is deplorable that the Bank lobby is so powerful in Washington, so of course, nothing will change. The show brought us face to face with some of the engineers of the tricks and traps the banking industry uses, in plain sight, and they don\'t make excuses for these traps.  Like the Providian honcho said, lawmakers make the law and they think of ways to satisfy the law, and then go around it to make money.  Immoral yes, but not illegal.  Isn\'t that how a seasoned scammer operates?  Banks are a fraud.  ","pt":"Jan 27, 2010 16:15"},{"nm":"debbie","rs":"0","ms":"Is anyone in Washington that gives a darn listening? \nIs there any way to send all these comments to the president and congress to wake them up to the poor job they did when writing up the "new credit card laws"?\n Appears the old adage continues - The rich get rich and the poor get poorer". This certainly applies.","pt":"Jan 27, 2010 13:56"},{"nm":"Ima McHaupt","rs":"0","ms":"  We here at home have watched your credit card piece twice now since yesterday.  We are shocked and dismayed at the arrogance and cruelty of the banks and management; plus, we are shocked and dismayed by the response of the government of the United States. President Obama needs to put forth an executive order stopping the usury, and work on passing laws that ban usury before he even pursues the Health Care Reform. We Americans require interest rates below 10% so we can pay off our bills.  Our God only asks for 10% for tithes, but the banks can charge whatever they want?  ","pt":"Jan 27, 2010 11:58"},{"nm":"Ima McHaupt","rs":"0","ms":"  Thank you for your report on how the banks are grinding the faces of the poor and middle class with usury. I watched your show last night and was devastated and outraged.  I am glad your show was on again this a.m.  Two of my adult children were able to watch your show and learn.\n  I don\'t understand why President Obama doesn\'t write an executive order banning usury and high interest rates as a precursor to real banking reform(whether the banks or lobbyists like it or not).  We lower-incomed citizens of our so-called great country should be allowed to have lower interest rates so we can pay our bills off in a timely manner.  \n  It is my guess that if the usury of the banks is not stopped by governments worldwide, that millions of people world-wide would be kept in poverty by banks/credit cards; plus, it is possible that such financially "enslaved" populations would eventually spawn a whole new group of terrorists who would make the banks pay dearly for their cruelty and arrogance.","pt":"Jan 27, 2010 11:31"},{"nm":"matt","rs":"0","ms":"This is what I have concluded. The consumer is paying for having a credit card even if you dont have one. Businesses increase their goods to cover their fees for having credit card processing and the interest the credit cards charge them. But those businesses dont pay those fees. They increase the price of their goods to cover those costs. So the consumer is paying for it. Lets say 5%. Business also dont decrease the price if your paying with cash. So if the consumer has cash back credit card. At best that is 1% back. So consumer will be paying 5% - 1% = 4%. But if you pay with cash then its the full 5%. So to me its probably best to find a business that doesnt accept credit cards and is cash only. Consumer loss is 0% since they dont increase the price of their goods for credit card processing.","pt":"Jan 27, 2010 11:05"},{"nm":"Dorothy","rs":"0","ms":"Very informative piece. Thanks PBS. Now we the people have to change our ways and get out of debt because the businesses are preying on the consumers.  It is an endless pursuit of profits and our interests come second to the interests of the CEOs & billionaires. We have created ultra wealthy parasites who leech off our hard work, blood, sweat & tears. The capitalist class and their political representatives will not give up their wealth, power, & privileges without a fight. We have to implement personal finance in our high schools in order to try and prevent our kids from falling into this cycle of debt. Now that we have this information, lets get smarter about our finances. We can stop some of this madness by living within our means and making better financial decisions. ","pt":"Jan 27, 2010 08:00"},{"nm":"Charlie","rs":"0","ms":"Growing up in the 60\'s in a single parent family I was taught if you do not NEED it, you do not buy it. IF you NEED it...save for it. Make the distinction between need and want. You never need a want, but always want a need. My mom was a depression baby and realized if you are always borrowing.. you are always owing. While the banks and credit card industry have certainly taken full advantage of the situation and evolved the business of money into a corporate empire of greed...who is to blame? As people that consume, our eyes were too big for our wallets and our egos too sensitive to what our neighbor had/has. It is time to wean people from this addiction. If capping interest rates and controlling fees will result in less availability of credit, so be it. Maybe it will foster a community environment of days gone by and credit can be extended locally...to local people by local businesses. There is no reason to buy from all over the world. We do not even know our neighbors. Cash can be king if we try really hard to support local enterprises. The IMF wins if they can globalize banking and markets to a few key components....then we will have no options and no opportunity to regain control of our small destinies that move a whole economy...and ultimately affect the generations that will bear our poor decisions.","pt":"Jan 27, 2010 02:28"},{"nm":"R Lopez","rs":"0","ms":"I saw this show and boy o boy did I get fired up. I too had my apr raised to the roof..How can there be no cap on this. I no longer use my cards, I use cash. If I want something like a coffee I do not use my card , I paid off and I plan to keep it like that for a while now. Just had a baby and had Dr. bills to pay , one time bank called me and said why are you late? I do not need to tell them this. And those annoying calls from the bank ... mo more...No cash on hand I do not buy, I wait till I get home and make my own coffee.  I Admit I feel better doing this but I bothers me to know that I was taken for a ride by a person behind a desk that wants to make money for money Grubbing People!","pt":"Jan 27, 2010 01:51"},{"nm":"Kerry Nelson","rs":"0","ms":"The minute I turned 18 I was bombarded with credit card offers in the mail.  Still in high school, I signed up for one to pay off some car repairs, maxed out the limit on said repairs, and ended up being summoned at work one day a couple of years later because the balance had gotten so out of control due to my lack of ability to pay even the minumum.  Needless to say, since then I have been too scared to get another card, however seeing as I will soon be 26 I have been feeling the pressure to "build my credit."  I am so glad that Frontline covered this issue, it was so helpful and makes me feel a little better about not having one just yet. This also cleard up why in the last couple of months my bank teller at National City has been frequently asking me to apply for a credit card through them, which was never a concern of theirs before. I keep gently reminding them that I have no interest at this time!","pt":"Jan 26, 2010 23:42"},{"nm":"Scott Zagorski","rs":"0","ms":"It may be time to go to straight cash.  Abuse the credit card companies don\'t let them abuse you.","pt":"Dec  9, 2009 22:33"},{"nm":"Daniel Jones","rs":"0","ms":"\nSome people ruin their finances through mis-use of credit while others pay no fees or interest on credit card debt and collect additional interest on bank accounts by using the credit.\n\nSome people destroy their health by eating junk food while others just enjoy an occassional hot dog at a ball game.\n\nSome people rot their minds with drugs while others relax and enjoy a harmless bit of marijuana once in a rare while.\n\nSome people rot their minds with four-plus hours of TV per day while others enhance their lives with an hour per week of programs like Frontline.\n","pt":"Dec  4, 2009 18:19"},{"nm":"George Sagitto","rs":"0","ms":"I paid my "minimum payment due" for my National City VISA credit card account at the National City bank branch location IN CASH and ON TIME. I called today to be sure it posted before charging any more charges on my credit card. It DID NOT POST! So I called the number on the back of the card and talked to a customer service rep. She explained that it takes 3-4 days for the payment to post on the account, I said WHY? I made a cash payment, I also made a cash payment on my Eagle Credit Union VISA card at their branch location and it posted the same day. How can 1 company post it immediately and another company take 3-4 days to post it on a CASH PAYMENT! If I had charged any charges on my National City credit card it may have overdrawn my account and led to many "late" and "over limit "fees. This is not right! Sincerely George Sagitto.\n \n","pt":"Dec  2, 2009 15:31"},{"nm":"Paula","rs":"0","ms":"I now understand why our economic system is not working in the credit card segment.  There are three rules in operation: 1) We have learned to depend on having credit no matter what the cost.  2) The industry has learned that we will not choose their competition when they abuse us since their competition share the same abusive practices.  3) Their only real competition is for us to remain debt-free, but that conflicts with Rule #1.\n\nI watched this documentary from both my 21-year-old son\'s perspective and my own.  He is a Master Certified Auto Mechanic with 5 years experience.  Since the recession, he is no longer able to earn a living wage and moved back in with us.  His dad and I are affluent and debt-free due to no debt other than our mortgage for over 25 years.  The only way to protect him from lender abuse is to become "his banker" but that interferes with his developmental need to become independent from his parents.  I understand that few 20-somethings are making it on their own and resentment within families is growing.","pt":"Dec  2, 2009 09:39"},{"nm":"Pamela Harvey","rs":"0","ms":"I never keep a running balance on my American Express. I pay balances within the month. I never spend over a certain amount unless I can pay for it the following month or if I have the amount covered in my emergency fund. I have just one card. My credit score is over 800 and I am bombarded throughout the week of telemarketers trying to give me a credit card with their company with 0 percent interest and no pay for a year. I know the tricks so I do not accept their cards  The banking people and lobbies are premiere predators. Don\'t totally rely on legislation to fix the problem. The consumer must take the responsibility and question everything that seems to be too good to be true. My best advice. Pay the credit cards off. Shread them. If you do continue to have a credit card. Never keep a running balance.","pt":"Nov 30, 2009 15:01"},{"nm":"Joe","rs":"0","ms":"Why regulate credit cards?? Why not elininate them! \nA long,long time ago, there were no credit cards; Cash was King for most consumer purchases other than homes and autos. Those items were known as "Consumer Loans".\n Today, I stood behind a person at the check-out line of a convenience store.  He used a credit card to purchase a bottled soda for $1.49. We are really in a sorry state here. Tack on a late fee 30 days down the road, which is typical for many Americans, and you have bank profits.  They count on it.\nWake up America! Get back to basics! ","pt":"Nov 29, 2009 20:27"},{"nm":"Ron Thompson","rs":"0","ms":"     Several sobering impressions from this powerful documentary.\n     It was startling how the youngest representatives from within the industry seemed the most predatory and the most rigid. Mehta and Strunk were almost (ALMOST) admirable in comparison to Nessi and Talbot because they were far more open and honest in admitting and acknowledging what\'s going on,\nwhereas the others were locked into merciless rationalizations for their predation.  \n     I was struck by the absence of any moral justification for many of the practices, although toward\nthe end of the documentary, blind ideological justification came to the fore in defending against the\nproposal for a new consumer agency without the conflict of interest that the agencies in place have.\n     My respect for most of the Congress and especially Republicans, reached a new low with this report.     \n     The idea that ANY cap at ANY rate on interest rates would destroy the free market seems the most ridiculous idea, but also the most dangerous. I regret that you didn\'t once use the term "loan sharking"\n     Nevertheless, a terrific documentary.                   Ron Thompson, Fairfax, VA","pt":"Nov 28, 2009 12:17"},{"nm":"James","rs":"0","ms":"I would like to send a link to this to President Obama so that he fully understands the deterioration of consumer protection.  This important show makes it clear that despite our wondrous progress in medicine, technology and other disciplines, our lending practices are still turn of the century, if not earlier.  And our senators and congressmen are behaving more like volunteers than paid public servants, and appear to be utterly powerless in comparison to the lobbyists; it took an armageddon in the form of the current recession for them to begin to act at least cosmetically on consumers\' behalf.  As I recall it, part of the sweat of my working day helped to bail out the disastrous financial sector, and yet I received a raising of my rates not soon after, as if diligently paying on time over the years was a meaningless effort on my part.  The next few months will be difficult, since, before the laws clamp down on them, the card companies will be using every trick human ingenuity can devise to wring more money out of us on the pretense that they need it to survive.  ","pt":"Nov 26, 2009 13:45"},{"nm":"Mickey Smith","rs":"0","ms":"HSBC raised my rate from 9.3% to 29% after the crash last year. I  have never been late,over limit & always keep my balance verry low. I called them many times to lower my rate. I am a disabled vet & live on a fixed income & live alone. I almost had the card paid off from a medical bill & was going to cut the card up. Last Nov I had saved $1000.00 & my well went out. Repairs cost $2300.00 so I had to use the card to make up the difference for the new well. It will take me 5 years to  pay off these very high USURY FEES.Congress should have put a cap on interest at no higher than 10%, congress has failed all americans & gave favors to the banking cartel that has ruin this nation by devauleing our money. A 1965 half dollars is worth $6.78, now tell me that the Federal Reserve is good for Americans, its a family full of crooks & needs to closed for good & our money returned to what the constitution states! When the dollar crashs Americans will not set & wait on these spineless politicans to push more of their progressive ideals upon us.We will retun to our days when the Constitution was the law of the land,not a bunch of self serving crooks again.","pt":"Nov 26, 2009 08:40"},{"nm":"kim olson","rs":"0","ms":"This is a closed loop.  The Treasury, via the Federal Reserve, is keeping interest rates at record lows so that the cost of funding our skyrocketing national deficits, courtesy of the bailouts, is kept as low as possible.  They also want the banks to have the earnings/capital to buy this debt so the Treasury/Fed is keeping the borrowing costs to the banks (fed funds rate) at record lows and allowing the banks to earn record profits. The banks are using their earnings to re-lend to the US government by buying bonds rather than lending to riskier private industry (NYT reported today that bank lending hit its lowest level since data was collected in 1984).  Private industry is being deprived of capital to grow and the unemployment rises...and the spiral of bailouts continues.","pt":"Nov 25, 2009 23:12"},{"nm":"Robert Mc Donald","rs":"0","ms":"For some credit and debit card users, overdraft fees and penalty costs are a form of "capital"punishment. If you don\'t die broke from going deeper in debt,you cope and survive by becoming an indentured servant to the repressive banking system.Cancel the credit card after paying off the huge debt. Be rehabilitated by making cash purchases only. Being free of debt allows you to live freely in a danger-filled free market.Freedom at last. ","pt":"Nov 25, 2009 22:21"},{"nm":"Henry N. Giguere","rs":"0","ms":"Something is wrong with this picture: 20% or more for Credit Card interest rates and 1% to 2% interest rates for Saving Accounts and CD\'s.","pt":"Nov 25, 2009 18:47"},{"nm":"Cheryl  ","rs":"0","ms":"I stopped dealing with parasitic banks 20-plus years ago, when I started banking with my Credit Union, The Golden 1.  They offered free checking, interest on the checking account balance, and ATMs, TEN YEARS before the banks did.  I did make the mistake of getting a credit card with someone else a few years ago, which was eventually sold to B of A.  I cancelled that card last year when they charged me a $25 late fee on a balance of  ONE DOLLAR, and got a card through the Credit Union instead. Credit Unions are definitely the way to go!  ","pt":"Nov 25, 2009 16:12"},{"nm":"George Brock","rs":"0","ms":""The Card Game" was riveting and sobering.  Thank you Frontline for bringing the matter to our attention.     ","pt":"Nov 25, 2009 14:11"},{"nm":"greg stant","rs":"0","ms":"Who voted? How did they vote? God god sake - name names!","pt":"Nov 25, 2009 12:24"},{"nm":"Guido Tanzi","rs":"0","ms":"Bottom line: The eagles will always pick the sparrows clean!!","pt":"Nov 25, 2009 11:02"},{"nm":"Rosie","rs":"0","ms":"Debt consolidation and settlement companies prey on human beings\' natural desire for relief from stressful situations. I know from personal experience how seductive their sales pitch is and how catastrophic the results can be on a person\'s already-stressed financial situation. I fell for the temporary relief offered by a debt settlement company; they promised the moon and advised me to cease communicating with companies I owed money to. As a result, credit card companies became seriously P-Ohd with me and the result involved ever greater fees, which just compounded the problem. I spent several hours on the phone with the debt settlement company trying to end my relationship with them, ultimately threatening to contact my state\'s attorney general\'s office if they did not cancel my account immediately. All of this resulted in more debt and more stress. \n\nIn retrospect, I wish I had simply contacted creditors and let them know I was in trouble. Would they have pressured me? Absolutely. But there\'s much to be said for standing your ground and doing the best you can in the very worst of circumstances. \n\nWhat sickened me most about "Frontline"\'s piece was listening to politicians like Chris Dodd cry crocodile tears for consumers. I expect banks to squeeze money from us, it\'s what they do and have always done. But these guys who take money from banking lobbies while passing (or not) laws that regulate banks? Isn\'t that freaking illegal???","pt":"Nov 25, 2009 10:04"},{"nm":"Lisa","rs":"0","ms":"Overdrawn a way of life -  I always had excellant credit until about 5 years ago, I don\'t even know what happened. I started out by borrowing money when something came up that I just didn\'t have the money for,my credit rating was great so I could get just as much as I wanted, NOW - I have ruined my credit, I borrow to pay back other borrowed money, and I am constantly overdrawn at the bank, my banker has a deal with me $30.00 overdraft fee\nif I have a check come through, but if i have more than one that day he only charges one $30.00 fee. I appreciate him, but I wish he never started paying these checks. I am sure the bank enjoys the several hundred dollars in fees they are getting each month.\nI have taken a second job and still can\'t seem to get ahead. I don\'t even go shopping and my kids are to the absolute nessecites for clothes and shoes.\nI only go to the grocery store and \npay what bills I have to pay. I don\'t know if I will ever get out of this. I would love to start going cash only, but how do I get out of the  mess I am in right now?","pt":"Nov 25, 2009 09:08"},{"nm":"Lisa","rs":"0","ms":"overdrawn a way of life","pt":"Nov 25, 2009 08:52"},{"nm":"Rick Diiorio","rs":"0","ms":"I just watched your show "the card game" & had a question about those adds I see about debt consolidation. Good idea or bad?","pt":"Nov 25, 2009 03:57"},{"nm":"Michael C. Norona","rs":"0","ms":"At the urging of the banks the usury laws were done away with. Then the bankruptcy laws are made tougher. Credit cards are given away to any one with a pulse. Then when everything falls a part and all the financial smart guys turn out to be not so smart, they whine for help. The financial sector of this country are the crack dealers of the business world. Right or wrong they seduce people with easy to obtain credit cards, home equity loans for 125% of the value of the house. Then when the house of cards collapses, the consumer is expected to take all the blame, as well as the biggest hit. Their arguments about who is responsible is a bit like the crack dealer blaming the user for being a crack addict. If he isn\'t there to offer the product, then there is no problem in the first place. \nThe one man who spoke to the issue of the free market being the corner stone of capitalism was unbelievable. Even Alan Greenspan now willingly  concedes that a truly free market does not exist. \nWe have sadly lost our way in this country, and there seems to be no one willing to, or capable of leading us back to some semblance of sanity, because it is always about the money, and who gets it.    ","pt":"Nov 25, 2009 01:08"},{"nm":"Lisa M","rs":"0","ms":"I have a few credit cards I\'m now paying off, I pay more than the minimum and in some cases much more, I should have them paid off in 3 years or so (thankfully). I haven\'t missed a payment in years, in fact I pay early. My credit rating is very, very good - and yet it seems like weekly I get notices that this bank or that bank is raising my interest rate and potential fees. In a climate where, as pointed out during this show, the banks are paying almost no interest, this is out and out thievery - and a big part of the reason the income inequality in the US keep growing.","pt":"Nov 24, 2009 23:36"},{"nm":"Charles Powell","rs":"0","ms":"I just saw this show and noticed that one of the banks listed was Bank of America. I had a recent bad experience with them. Due to their purchase of a local lender I ended up with a Bank of America credit card. I received a notice that my interest rate was going from 9 to 15%. I thought it had to be a mistake because I was a long time customer and had a great credit score. I had held this card for almost 20 years. After I got my first bill with the higher interest rate I paid off the card in full. I only use it now if I know I have the funds to pay it in full at the end of the month. They hate people that do just that. Serves them right! If more people had the same attitude I have the credit card companies would not be raising interest rates. Over the past few months I have gotten numerous offers for that card and a few others from Bank of America in order to entice me into more debt. Fat chance! If the industry wants us to work on a cash system I don\'t have a problem with that. In fact, only using cash would solve many of the financial problems the people of this country have. Only buy what you can afford! ","pt":"Nov 24, 2009 22:34"}]}); });