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!)