The Card Game, Frontline - Nov. 24, 2009 (55min.)

[LargoWinch]

The Card Game




Trailer: 1min.




Full Movie: 55min.

[we_are_toast]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

I watched this last night and you may know in your head how bad it is, but when you see it come out of the mouths of the players, it just makes you sick.

Some things I took away;

We can't get good regulatory legislation because virtually every Republican and some Conservative Dems refused to support interest limits and other regulations that would stop the abuses.

Without campaign finance reform (public funding of all political campaigns) we have no chance of having a real republic where representatives represent voters instead of campaign contributors.

The credit card companies are basically the same as crack pushers at the local school yard. They directly target people they know can't get the credit monkey off their back once hooked.

People are stupid, people are stupid, people are stupid, and I don't mean in a derogatory sense. We desperately need to go back to the days where accumulating debt was considered a social taboo, and we need to teach in our schools some fundamental money management skills.

[stanley2008]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

It was a great show, but very biased against the credit card companies.

The basic rules of using a credit card without becoming a debt slave need to be taught to Americans.

I did not see any recognition of responsibility by the cardholders. One lady admitted that she carries a balance "regularly". That's the stupidest thing I ever heard. She acts like that is normal to do that, and it's OK to do that - but of course it isn't, it's like doing your grocery shopping at 7-11 stores for milk, eggs, and bread at twice the price of the grocery store and telling me that - "I usually do all my grocery shopping at 7-11 stores, the government should force them to reduce their prices or something, because I am running out of money for some reason".

Another guy with multiple cards interviewed on the show was waiting and hoping for the government to "step in and do something for him". Come on dude, you racked up huge debt to the loansharks (visa), so what do you expect?

Credit cards are great, if you can use them responsibly.

I personally do not care what high rates they charge, because they only charge interest if you don't pay your balance on time every month. Since I pay in full whatever I spend on the Visa card, I never pay interest. Nobody ever mentions that way of using a Visa card.

It's always the unfortunate folks spending more money than they have in the bank and more than they can earn that are crying about it.

Apparently there is 1 Trilliion out there in Visa debt. Damn rights Visa is going to cut some deadbeats off - they know there are a lot of personal bankruptcies out there coming up, cheating Visa out of their money, and that isn't right either! Heck, if you think you are going bankrupt, might as well max out all your Visa cards, and let the "big company" pay for it, they can afford it right? I hate that attitude.

[sadsack]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

It was a great show, but very biased against the credit card companies.

The basic rules of using a credit card without becoming a debt slave need to be taught to Americans.

. . .

Apparently there is 1 Trilliion out there in Visa debt. Damn rights Visa is going to cut some deadbeats off - they know there are a lot of personal bankruptcies out there coming up, cheating Visa out of their money, and that isn't right either! Heck, if you think you are going bankrupt, might as well max out all your Visa cards, and let the "big company" pay for it, they can afford it right? I hate that attitude.

I generally agree with your sentiments; however, are you aware that responsible credit card users such as yourself are called "deadbeats" by the credit industry? Yes - they don't like deadbeats such as yourself precisely because you won't load yourself to the gills with high-interest debt.

The irony of the bolded statement above is that, indeed, "deadbeats" are being cut off; namely, pay in full (PIF) and infrequent-usage customers get the boot, while the debt-addicted are retained.

[Sidewinder]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

We desperately need to go back to the days where accumulating debt was considered a social taboo, and we need to teach in our schools some fundamental money management skills.

Given enough time - I'd be willing to bet it will once again become taboo - maybe in our lifetimes... Wait for it, wait for it... :eek:;)

[stanley2008]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

I generally agree with your sentiments; however, are you aware that responsible credit card users such as yourself are called "deadbeats" by the credit industry? Yes - they don't like deadbeats such as yourself precisely because you won't load yourself to the gills with high-interest debt.

The irony of the bolded statement above is that, indeed, "deadbeats" are being cut off; namely, pay in full (PIF) and infrequent-usage customers get the boot, while the debt-addicted are retained.

That's not happening to me though.

I have zero debt, and probably a perfect credit score. I have big big big limits on a few cards and only really use one of them because of the excellent travel points program. I max it out just about every month, and pay in full always. They probably make their money off me from my cash bank balance, and maybe that causes them to keep me? I don't know for sure.

If they tick me off, I'll close my accounts and move to a different bank. There is zero chance visa will do anything to me, in my case. I think they are fair. Draconian maybe, but fair. If they cut me off, I'll let you know.


There was a joe sixpack contractor on that show who puts through something like 35K per month. He got his limit reduced on his card! They gave the impression that he pays in full, but does he really? I'm betting he leases his trucks, and has a jumbo mortgage, they didn't say, but I'm looking at him and guessing he has big debt elsewhere and he's home builder - high risk maybe. I'll betcha if his truck were 10 years older and owned outright instead of a late model leased truck, and if his other debts didn't exist, the credit card company would be alright with that. Oh, does he have any savings in the bank - lol. Dude's living beyond his means according to Visa, and I would probably agree. He can't pay his employees month to month? Why is he working? Does his company ever make any money to put in the bank?

[thunderdownunder]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

There was a joe sixpack contractor on that show who puts through something like 35K per month.

I use C/C (one only) for that purpose - Small accounts - it makes managing multiple small trade accounts easy. I don't have to sit down on the 25th of each month writing a hundred cheques to all and sundry, make up envelopes and bang half $ stamps on them then walk them down to postage. I have been doing this for fifteen years because running an overdraft with all its line fees, unused credit fees and usage fees was extremely expensive not to mention inefficient.
Payment to provider each month is one minute on internet banking, so I love Visa and am overjoyed to pay a once yearly fee of $95 to prevent writers cramp.
What I hate is people who put consumables (food, dining, fuel, clothing holidays ect) on a card(s) regarding it as ghost money. God knows if they shopped with cash they would "feel and see" the transaction going over the counter and that tangible and visual act alone would keep them aware of the effect of inflation v wage income and it would keep them out of penury.

Have any of you Itulipers ever considered that the Credit card Industry is the Worlds LARGEST PONZI scheme ever invented, and it uses cyber counterfeit dollars to keep it propped up. Today it is the only thing keeping the World economy from freefall. Can you even imagine living on available cash and within your means.

I make a challenge. Go cash only for one month - 1st December to January 1st 2010. All bills payments and consumed items including presents booze and travel I think you will find it very sobering handing over folding for fuel and food alone. It Can't be done by anyone except the disciplined and some of you will be shocked to the core by the reality.

Happy Thanksgiving to all in the US of Hey - and remember the full commitment of the Turkey to your day ;)

[NEO]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

No bank holds my public debt.
And I have never owned a credit card.
It can be done.

[LargoWinch]

Re: The Card Game, Frontline - Nov. 24, 2009 (55min.)

Credit cards are certainly convenient when paid in full each month.

However, I believe internet banking is more useful. All bills can now be pre-paid on the due date without stamps for example. Now, I admit that things are certainly different for a business.


One factor that is not discussed here (and unrelated to my point above), is the invisible and immense tax on the economy generated by a system of "free" transactions for users but which imposes a fee for merchants. Such system forces cash or debit users to subsidize part of the credit card users, while causing a general increase in prices for all.