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I'll have to see that special. I knew that credit card companies in recent years had been offering cards to people who had marginal credit. I just thought it was stupid greed on the part of the credit industry. I didn't realize that they actually found a way to _make money_ on bankruptcies and defaults.
I have never had a credit card. My folks grew up in the Great Depression, and didn't like debt; they saved up in advance for things they wanted. I've followed along with that. The only loans I've ever taken were for houses.
When I was a kid, a _very_ long time ago, we spend some time in middle school math classes learning about interest rates and compound interest. They taught us how to calculate what the long term price and "real" interest rate of anything was. Don't schools do this anymore?
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