eally interesting short documentry I watched last year.
PBS has the entire thing streaming in high quality from their site, definitely worth checking out if you want to see kind of how fucked up the CC industry can be.
http://www.pbs.org/wgbh/pages/frontl...s/credit/view/
example....in your credit card agreement, the issuer can change or modify the interest rate for any number of ridiculous reasons, including if you miss a single payment, with ANOTHER credit. late with a car payment and Visa can change your 6% interest rate to 15% automatically because its all agreed upon in the ridiculously long CC contracts.
Quote:
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"Here are some of the terms, and the rest of the terms will be whatever we want them to be." And so they would loan to someone at 9.9 percent interest. That's what it said on the front of the envelope. But it was 9.9 percent interest ... unless you lost your job, or 9.9 percent interest unless you applied for a couple of other credit cards, or 9.9 percent interest unless you defaulted on some other obligation somewhere else that doesn't cost me a nickel. And at that moment, that 9.9 percent interest credit suddenly morphs to 24.9 percent interest, 29.9 percent interest, 36.9 percent interest. Well, you know, ... nobody signs contracts to buy things that say, "I'm going to pay you $1,200 for the big-screen TV unless you decide, in another month or two months, that it should really be $3,600 or $4,200 or $4,800." But that's precisely how credit card contracts are written today.
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anyways,
check it out.
Linear Mode
