FRONTLINE and The New York Occasions look at how the bank card business grew to become pervasive, profitable, and politically highly effective. (Aired 2004)
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Tens of millions of American households use their private, general-purpose bank cards to make ends meet. With no federal legal guidelines on the quantity of curiosity or charges that may be charged, bank cards have change into essentially the most worthwhile sector of the American banking business.”] In “Secret Historical past of the Credit score Card,” correspondent Lowell Bergman uncovers the strategies utilized by the business to earn report income and get customers to tackle extra debt. Some specialists argue the profitability of bank cards started when the banking business efficiently eradicated a important restriction: the restrict on the rate of interest a lender can cost a borrower. Deregulation, coupled with a revolution in expertise enabled the virtually real-time monitoring of non-public monetary data and the emergence of nationwide banking, facilitated the widening availability of bank cards throughout the financial spectrum. However for some, the price of credit score is commonly far larger than it seems.
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Funding for FRONTLINE is offered by means of the assist of PBS viewers and by the Company for Public Broadcasting. Main funding for FRONTLINE is offered by the Ford Basis. Extra funding is offered by the Abrams Basis; the John D. and Catherine T. MacArthur Basis; Park Basis; and the FRONTLINE Journalism Fund with main assist from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Basis, and extra assist from Koo and Patricia Yuen.
This journalism is made doable by viewers such as you. Help your native PBS station right here: http://www.pbs.org/donate.
Tens of millions of American households use their private, general-purpose bank cards to make ends meet. With no federal legal guidelines on the quantity of curiosity or charges that may be charged, bank cards have change into essentially the most worthwhile sector of the American banking business.”] In “Secret Historical past of the Credit score Card,” correspondent Lowell Bergman uncovers the strategies utilized by the business to earn report income and get customers to tackle extra debt. Some specialists argue the profitability of bank cards started when the banking business efficiently eradicated a important restriction: the restrict on the rate of interest a lender can cost a borrower. Deregulation, coupled with a revolution in expertise enabled the virtually real-time monitoring of non-public monetary data and the emergence of nationwide banking, facilitated the widening availability of bank cards throughout the financial spectrum. However for some, the price of credit score is commonly far larger than it seems.
Love FRONTLINE? Discover us on the PBS Video App, the place there are greater than 300 FRONTLINE documentaries accessible to look at any time: https://to.pbs.org/FLVideoApp
#Documentary #CreditCards
Subscribe on YouTube: http://bit.ly/1BycsJW
Instagram: https://www.instagram.com/frontlinepbs
Twitter: https://twitter.com/frontlinepbs
Fb: https://www.fb.com/frontline
Funding for FRONTLINE is offered by means of the assist of PBS viewers and by the Company for Public Broadcasting. Main funding for FRONTLINE is offered by the Ford Basis. Extra funding is offered by the Abrams Basis; the John D. and Catherine T. MacArthur Basis; Park Basis; and the FRONTLINE Journalism Fund with main assist from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Basis, and extra assist from Koo and Patricia Yuen.