there was a terrific and HORRIFYING Frontline on Credit Cards

[PretzelWarrior]

last night on PBS. OUCH! My wife was victimized by their policies. SHe had a low, low rate on FLeet card....then even though she paid way more than the minimums and never was late or over limit..they reevalutated her credit risk based on other credit cards she has with high balances and jacked up her APR.

The show last night had interviews with Harvared Contract Law professor, a banking industry lobbying group's president, panel of joe and jane consumers, and many others.

It even pulled back the veil of many insidious tricks they use to draw people in and then maximize income.

Did you know MNBA was more profitable last year than either Wal-Mart or Microsoft? That's insane.

Just another reason to pay down those debts and GET RID OF THE CARDS or make a pact to always pay off whole balance each month.

I hope they show that episode again.

ON EDIT:***********************************************

Looks like it will be available for online viewing by Friday..but haven't seen if it will be rebroadcast. Here is a link:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

[Lydia Leftcoast]

1. Those credit card and banking industry people were some of the most

cynically evil people I've seen in a long time. They're the white collar equivalent of the street mugger--maybe worse, because they're all qualified to earn their living some other way.

That woman from the OCC has to have been a Republican appointee.

[PretzelWarrior]

2. yes. the silver-haired devil in lobbyist diguise had a smirk

he couldn't quite hide like: YEP. Our industry is the TOP CONTRIBUTOR to Bush campaign so you can consider yourselves F*CKED for at least another 4 years. He knows they are corporate criminals preying on people....and he just lies, lies, lies.

the woman was "shocked--SHOCKED! I tell ya" to find out her industry...the credit card and banking industry was NUMBER ONE in complaints from consumers to the Better Business Beaurau.

Sickening.

[Lorien]

3. If you own your home

consider taking out a home equity line of credit and transferring all your credit card debt into it. It's what I did five years ago, and I've never regretted it. The penalty fees alone on those MBNA cards will ruin you!

[Kitka]

4. I couldn't get a home equity loan, but

I sold my house instead, just to get rid of the credit cards. I paid off my MBNA balance and closed the account today. Feels great.

[WolverineDG]

5. i'm glad this worked for you

but why turn unsecured debt into secured debt when you can still file for bankruptcy? if anyone's in this situation, i'd say consult with a bankruptcy attorney before taking out a home equity loan, & get some consumer credit counseling as well so you don't run up your cards again.

dg