Secret history of the credit card

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Summary

The average American family today carries 10 credit cards. Credit card debt and personal bankruptcies are now at an all time high. With no legal limit on the amount of interest or fees that can be ...

The average American family today carries 10 credit cards. Credit card debt and personal bankruptcies are now at an all time high. With no legal limit on the amount of interest or fees that can be charged, credit cards have become the most profitable sector of the American banking industry: more than $30 billion in profits last year alone. Frontline and the New York times join forces to investigate how an industry few Americans understand how became so pervasive, so lucrative, and so powerful.

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