The Secret History Of Credit Cards
PBS has joined forces with the New York Times to reveal, "The Secret History Of Credit Cards." The show airs tonight at 9pm EST.
- "The industry's most profitable customers, the ones being sought by creative marketing tactics, are the "revolvers:" the estimated 115 million Americans who carry monthly credit card debt.
"Ed Yingling, incoming president of the American Bankers Association, tells FRONTLINE that revolvers are "the sweet spot" of the banking industry. This "sweet spot" continues to grow as the average credit card debt among American households has more than doubled over the past decade. Today, the average family owes roughly $8,000 on their credit cards. This debt has helped generate record profits for the credit card industry -- last year, more than $30 billion before taxes."
You can also watch in full online, here. (Thanks to Triteon!)
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Just did a search through my SageTV server, nothing on PBS over the next two weeks called "Frontline" nor anything on PBS over the next two weeks on credit cards for the two Tampa PBS stations.
Is this the same episode they ran in 2004?
According to the first video clip on their website, the program is from/first aired 23 November 2004.
Yeah, I bet it's a local thing. This is an old Frontline from 2004. It re-aired here a few weeks ago, so it's probably just hitting another local market again.
This is a repeat but still a great show, don't miss it.
They love revolvers and hate those who pay off every month. That is one reason why I use American Express almost exclusively. It's expected to pay it off in full every month, which I do. I spent my second 20 years of my life in heavy credit card debt. I finally paid them all off around 40 and have been debt free (except for the house) ever since.
It was a rough few years of sacrifices to get that debt paid off, but now I have a healthy amount of disposable income. It's amazing how much debt and interest payments consume of one's income.
Sorry-- my internet server has been f'ed up all night so I would have updated. It is/was the same 2004 show but is still as relevant now as it was then.
Certain PBS affils may be in pledge mode this week, so I do apologize. My local PBS (the wonderful KETC) is running it and it was also listed in USA Today.
Makes sense. After all, they only make a few percent on people who pay off their credit cards in full every month, compared to the obscene interest rates they extract from people who carry a balance.
I've been trying to get a copy of Maxxed Out for a few months now. It's a documentary similar to this frontline story. Has anyone seen it?
None of the DC area PBS stations are showing this tonight. Good thing it's FREE and ONLINE.
Most all of PBS Frontline is online, has been for a few years. They are uniformly excellent. Not ashamed to admit that is how I watched their expose on the porn industry, which was just scary.
Let's not forget to give a big thank you to all those 'revolvers' who make it possible for many of us to get a free ride every month by simply paying our bills on time.
ECD-
I'd love to see Maxed Out as well. It looks like Scurlock is still just doing screenings and film festivals.
Here's to hoping that they get some distrobution soon.
You can (and have been able to) watch it here online:
"Tonight" in which cities? Tampa has 2 PBS affilliates, both are airing total shit programming tonight.
WEDU (2): 9pm-10pm: American Soundtrack: Doo Wop's Best on PBS -- Full-length performances from "Doo Wop 50", "Doo Wop 51" and "Rock, Rhythm, & Doo-Wop." Music Special
WUSF (16): 8pm-9:30pm: The Glenn Miller Spectacular -- Big-band hits include "In The Mood," "Sunrise Serenade," "Tuxedo Junction." Music Special
WUSF (16): 9:30pm-11pm: Walking the Bible (Highlights Special) -- Author Bruce Feiler visits locations in the Old Testament.
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