Frontline: Secret History of the Credit Card

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In “Secret History of the Credit Card,” FRONTLINE® and The New York Times join forces to investigate an industry few Americans fully understand. In this one-hour report, correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt.

“The almost magical convenience of plastic money is critical to our famously compulsive consumer economy,” Bergman says. “With more than 641 million credit cards in circulation and accounting for an estimated $1.5 trillion of consumer spending, the U.S. economy has clearly gone plastic.”

Millions of American families use their personal, general-purpose credit cards such as Visa, Mastercard, American Express and Discover to make ends meet; credit cards have been a discreet lifeline for families in financial straits.

But other consumers, like actor and author Ben Stein, use plastic purely for convenience. While it would appear that Stein — who says he charges a small fortune every month on his credit cards — is the ideal customer, in reality, he is what some in the industry call a “deadbeat.” That’s because he pays his balance in full every month.

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.
 

Watch The Secret History of the Credit Card on PBS. See more from FRONTLINE.

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House of Numbers (Full Version), 4.6 out of 5 based on 10 ratings
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House of Numbers (Full Version)

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In House of Numbers: Anatomy of an Epidemic, an AIDS film like no other, the HIV/AIDS story is being rewritten. This is the first film to present the uncensored POVs of virtually all the major players; in their own settings, in their own words. It rocks the foundation upon which all conventional wisdom regarding HIV/AIDS is based. House of Numbers could well be the opening volley in a battle to bring sanity and clarity to an epidemic gone awry.

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House of Numbers (Full Version), 4.6 out of 5 based on 10 ratings
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1 comment to House of Numbers (Full Version)

  • phillip

    I have been challanging the lies about this so called “Epidemic”. This doccie was invaluble in bringing the truth home to many with whom I have spoken. Well Done …and Thank You a million times

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