True

Ah yes Joe, but, if you use credit cards within your means and pay off the balance in full every month, you can fly around the world for free!

They teach you everything in school, math, english, and even sex education.

But our system doesnt speak to people about credit, and the effect it can have on your life if you aren't aware of its powers.

People are only hearing the marketing message from the banks. And its a pretty deceptive message considering a large part of its audience is so misinformed.

I think you will find paying cash for things is much better. This is smart and not a deadbeat. I lived without credit for three years and when I get my credit back in a few years I plan to get one credit card only. I like opening my mailbox and the only thing I see is my phone bill.

Exactly, being the "deadbeat" they discribe in the special is the only way to stay out of debt and the proper way to use credit cards.

I watched some of this. My husband and I have one small credit card and just finished paying off a high interest line of credit. We refinanced our house to get rid of high interest loans. The sad thing is that you can't give up your credit cards and just pay cash. Try reserving a hotel room or rent a car without a credit card. We are definitely going to try and become the "deadbeats" that the industry calls those that pay off their debts in full every month

Has anyone else had a chance to view this?

I watched it all last night. If you only have a few minutes, at least watch chapter 5.

Canadian banks aren't quite as bad as the U S counterparts but, they have still adopted many of the practices discussed in this PBS special. And they are in bed with the government too.

They talk about how things will come crumbling down in the years to come becasue of these policies the US banks have set.

Guess what? It’s unfolding today, all around us.

I am not sure when this was recorded but they are talking to Elliot Spitzer as the AG of NY before he got busted for being involved in prostitution in March 2008, so its likely a few years old.

If you ever have "moral issues" about having your debt settled or filing for bankruptcy, you might start to rethink how moral some of the things banks do are....

Take a look at this, a friend passed this on to me today...

http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/