Secret History of the Credit Card
Published On February 18th, 2008

In “Secret History of the Credit Card,” FRONTLINER and The New York Times join forces to investigate an industry few Americans fully understand. In this special report, correspondent Lowell Bergman uncovers the techniques used by the credit card companies 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.

The industry’s most profitable customers, the ones being sought by creativemarketing tactics, are the “revolvers:” the estimated 115 million Americans who carry monthly credit card debt.

Once you take the time to view this program you will understand why I am so passionate about taking back every possible penny these companies are trying to take from hard working American families. The fact is that most people think that if they keep paying the bills, have the best interest rates, and are never late they will “be okay”. What they fail to realize is that every single day the credit card company is making more and more money off of their finance charges, high interest rates, and miscellaneous fees that seem to never end.

The credit card companies and bankers don’t want you to know that the solution to all of your debt problems doesn’t involve spending any more money than you are right now. By reorganizing your bills to “seek and destroy” problem credit card debt, most families can become debt-free in less than half the time, including their mortgage with my debt plan methodology. Is it your time to finally tackle this and set up a financial plan for success?

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