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Originally Posted by Halx
I just watched Frontline on PBS and was pretty amazed at what I saw. The episode was a documentary on the credit card industry and all the trouble that it causes. They interviewed consumers, senators, bank officials, federal regulations officials, the BBB, and even the guy who started it all.
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Yeah, I saw it too. Notice how he refused to speak to them unless his location and his client were kept secret? My Dad suggested that's because if people knew where to find him, they'd kill him. Probably true.
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The message, or at least the general feeling that you get from it all is that the credit card industry is based around getting people into debt, then trapping them into perpetual payments. They do not provide enough information for people to get out of debt quickly, nor do they inform consumers about their 'rights' to rate hikes and fees.
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All true. It's a form of slavery. Get out of debt, and you're free.