$(document).ready( function () { talk_rendercallback({"enabled":"1","islive":"0","eid":5723,"total":"11","discussion":[{"nm":"Donna Marquart","rs":"0","ms":"Thank you for your reporting on this issue, Frontline. The "plastic money industry" makes it both easy and difficult to do business outside of your own community.   14 years ago when my parents celebrated Dad\'s 75th birthday and mom had reserved rooms at a nearby motel, we were unable to "check-in" because we did not have any major credit card. (mom had to drive over and speak to the motel management about letting us check-in) Eventually we got a credit card, and when times were good, we were able to pay it off each month.  Since then, we have had to use the card for some big expenses incurred out of town and then when job losses started creeping in, we were unable to pay down the debt.  Now we pay 13.99% on a debt that was once sold to us at 6.99% The credit card companies knew months ahead that they needed to increase their profits because of bad business practices and people defaulting on their credit card payments.  Nessa Fedda, who speaks about people being "confused" about how to use their credit cards, has chosen her words carefully. \nI am telling all people I know to watch this program - to educate themselves on some of the pitfalls of credit cards - which in some cases are the only way to make purchases.  What a racket!!!!!  Hurrah for credit unions.  I\'ve also asked our 3 adult children to watch it as they have already discovered the pitfalls of credit/debit/payday loans.   I thought loan-sharking was illegal?    ","pt":"Apr 29, 2010 13:44"},{"nm":"Dario","rs":"0","ms":"I have been a member of a credit union for over a decade as well as being a customer of a major bank. I have found the credit union to be no-less evil then the bank. The overdraft fee they charged are the same as the bank. The main difference I see from my viewpoint is less access to ATM and less services from the credit union.","pt":"Feb 22, 2010 15:52"},{"nm":"allen duistermars","rs":"0","ms":"Send a message to the greedy bankers. Take your banking business away from them.","pt":"Jan 29, 2010 16:50"},{"nm":"Barbara Bullis","rs":"0","ms":"Thank you, Frontline, for this excellent investigation. I plan to transfer my banking to a credit union and use the credit union credit card to protect myself from these predatory practices. I\'ll read the fine print. If there were a massive migration to credit unions, perhaps the politicians would take the hint!\nBarbara Bullis\n","pt":"Jan 27, 2010 15:27"},{"nm":"Peggy M. ","rs":"0","ms":"Thank you Frontline for this very informative report. I began shredding my credit cards as soon as Bank Of America doubled my intrest rate. I had not been late with my payments. It did not take long to realize that the banks were trying to limit/recover their losses by sticking to myself and other consumers who they knew were making their payments on time. I have not placed anything on credit in almost a year. I have no plans to use credit in the future either. After watching your program, I have almost decided to go back to the "old" way of doing business...paying with cash. I am fortunate to be in a position where I can pay more than the minimum payment due.I already have a plan in action to pay off all my cards. A lesson learned, the hard way, but learned none the less. I rarely write a check, and now am weary of using my debit card. My hope is that the big banks that have chosen to use the everyday consumer as prey, end up in ruins. Yes our economy will continue without the big banks,after all it is they who have caused the economic situation our country is dealing with today! Sometimes it is the big giants who have to fall to allow growth of the smaller companies, that once lived in their shadows. Imagine if everyone chose to pay with cash again. The money would be back in our pockets...not in a big bonus check for bank executives. Credit Union seems the wise route to take along with my current repayment plans. ","pt":"Jan 27, 2010 00:19"},{"nm":"Shane Williams","rs":"0","ms":"I advise everyone to join a local CU. If you or have been in the military you can join NFCU or Navy Federal CU. They are the largest CU in the USA. I wonder where USAA falls. Is is more like a CU or a bank?","pt":"Nov 28, 2009 15:29"},{"nm":"John ","rs":"0","ms":"Join your local NON PROFIT, NON PREDATORY Credit Union ASAP.  Great show, only confirms and expands what I already thought about banks and credit cards.","pt":"Nov 25, 2009 14:50"},{"nm":"Bank Cards vs Credit Union Card","rs":"0","ms":"I have went from a spectacular 850 credit score dived down to a poor 350 credit score over the span of 3 years. I became a credit crack head and devoured every offer that came in the mail all the major names, I was happy to get roughly 60 thousand in total credit.  I paid the minimums diligently every month for years.  The problem ended up once you hit the limit balance your screwed.  Over limit fee\'s and universal default killed my chances of ever getting my payments current.  Once you are close to the limits your payments can triple quadruple or more due to fees and higher interest on old balances.  I had one good experience with one of my cards though and was able to maintain payments.  The credit union card I had defaulted but the interest rate stayed at the 9 percent.  They worked with me didn\'t keep racking up over limit payments and latefee\'s was able to get back under control and have paid off and reinstate my card.  The others went to 35 and up interest rates were original single digits.  Ended up charging off and settling later.  I only wonder if the bank card companies would just keep your interest rate fixed and don\'t charge constant fee\'s when you get in a fix you would be able to get out and pay them back.  I think that is the point of there business though.  Even the rich can have it happen too, just bigger balances same problems.  My advice get into a reputable credit union.  I have no other credit cards now my credit is slowly coming back and I learned a valuable lesson banks rape you for every penny and a a good reputable credit unions treat you like a human  being.  Great job Frontline thanks for the excellent reporting always.","pt":"Nov 25, 2009 01:01"},{"nm":"Marilyn Grantham","rs":"0","ms":"I have been a credit union member nearly all of my working life (50+ years).  I absolutely refuse to bank at a commercial bank and make money for someone else!  If others would wise up and bank with credit unions it would teach these predatory banks a good lesson!","pt":"Nov 25, 2009 00:02"},{"nm":"Peter","rs":"0","ms":"Credit Unions are NON PROFIT institutions owned by the members and all fees that are imposed on members go into the Credit Union and keep the fees low and not in the pockets of rich stock holders. Because my credit union helped lower my interest rates and advised me on paying off my credit cards, I don\'t have any credit card balances and I HATE BANKS!!! My current mortgage is with my credit union and is significantly lower than the rate I once had with my old mortgage company.\n\nWake up people, join a Credit Union! Stop paying high fees and interest rates to banks. We need to revolt!!!\nTo find a credit union in your town, go to www.cuna.org","pt":"Nov 24, 2009 22:36"},{"nm":"mary harney","rs":"0","ms":"We found this episode informative and of course, we have had similar experiences with our banks/credit card companies. We have recently received a flurry of notices advising of substantial interest rate increases, decreased credit lines and unbelievable debit card/overdraft fees, both outright new fees and increased fees. We consider ourselves middle class Americans that have always paid their bills on time, have never declared bankruptcy and do our best to live within our means. For what? We are so disgusted with the system, the banking industry and our elected representatives. Things need to change and it seems our only recourse is in the voting booth. ","pt":"Nov 24, 2009 22:26"}]}); });