NPR: Elizabeth Warren On The Credit Card Industry

Reader Jaime alerts us to an interesting interview from Fresh Air on NPR. In the interview Harvard Law Professor and credit card industry expert Elizabeth Warren dishes on abusive lending practices, the ever-malleable interest rate, universal default and all that fun stuff.

If you like listening to someone from Harvard read a credit card offer in a sing-songy voice… Boy, this one is for you! —MEGHANN MARCO

Elizabeth Warren on the Credit Card Industry [NPR] (Thanks, Jaime!)

Comments

Edit Your Comment

  1. emax4 says:

    She was also on “The Secret Life of Credit Cards” and had a lot of valuable information on there as well.

  2. pdxdon says:

    I listened to a good part of the interview and I wasn’t very impressed. Lots of general statements and generic advice.

    I am certainly no apologist for the credit card industry, but I believe that some cards aren’t nearly as sketchy as the generalizations that Warren illustrates in her interview. For example, Citibank makes paying my balance in full very easy by allowing me to make up to five instant online payments per month. This would seem to work against the notion that they are conspiring to get me to carry a balance and incur interest.

  3. Mr. Gunn says:

    You know, I heard this program. Sometimes Fresh Air is interesting, and sometimes it’s just kinda lame. This was one of the latter occasions, and Mrs. Warren came across rather shrill. It’s not news that if you make the minimum payment every month, it’ll take forever to pay off the balance, yet she presents it like it’s some big scam we need to be warned about. Actually, I’m glad there are people out there that only ever pay the minimum payment. It subsidizes the nicer offers for the rest of us.

  4. Sam Glover says:

    @Mr. Gunn: I have a big crush on Elizabeth Warren. YOU TAKE THAT BACK!

  5. igloo says:

    Mr. Gunn, you are such a tool. I heard Elizabeth Warren’s interview on NPR and the credit companies perform more serious acts of dishonesty and criminality than just the aspect of minimum payments. Credit companies not only make their credit agreements nearly incomprehensible (even for lawmakers and lawyers) but as Mrs. Warren pointed out there have been allegations of these companies shredding and/or destroying customers’ payments so that they can claim they never received them and then charge late fees and penalties. That is news and is a scam.

    Mr. Gunn’s assessment sounds like it comes from someone working for the credit card companies. Any consumer should listen to that interview to realize the litany of deceptions, tricks, and dishonest tactics credit card companies use to accumulate their wealth at the consumer’s expense. No tools allowed on the Consumerist.com please.

  6. RandomHookup says:

    @Sam Glover:

    Is this some kind of ‘lawyers in love’ thing?

  7. Sam Glover says:

    A match made in consumer lawyer heaven, I’d say.

  8. facetastic says:

    I though her comments towards the end regarding the increased cost of living were really interesting. Of course, you have to be fiscally responsible and live with in your means, and it’s no excuse for going into debt. But was struck when she said that the amount of credit card debt in the country was not too much Prada, or too many iPods. It’s because living on a middle class salary gets you a lot less then it used to. Didn’t she say wages are down 3 percent with inflation, while the cost of a home is up 70 compared to a few decades ago?

  9. George Mandell says:

    We recently received a letter from G.E. Money Bank/Care Credit stating that they are closing our credit card account due to a mark on our credit report for our mortgage, which we are under negotiations with Countrywide for and it looks promising. This action by G.E.Money Bank is going to cause a domino effect with our other credit card companies and diminish all progress that we’ve made to get back on our feet.

    We’ve never been late with payments to all our credit card issuers and this is a crime that at this time when many people in this country are paying their bills to the credit card companies and they’ve fallen prey to this universal default action used by the most arrogant and evil companies. Some credit card companies do not want to kick you to the curb but G.E. Money Bank seems content on doing so in every way possible by destroying your credit score till it reach zero.

    Please see blog below is you wish to become part of a class action lawsuit agains G.E. Money Bank.

    [voteoutyourlocalcongressmembers.blogspot.com]

    Ronni and George Mandell
    Connecticut
    203-934-4232

  10. George Mandell says: