Tuesday, March 27, 2007

Credit Card Nation

The average American family today carries eight 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 examine how the credit card industry became so pervasive, so lucrative, and so politically powerful.Click here to watch the Frontline special, Secret History of the Credit Card, online and access other materials on the growth of consumer credit:

Robert D. Manning, a leading expert on the credit card industry. He is the author of CREDIT CARD NATION: The Consequences of America's Addiction to Credit (Basic Books, 2000) and a highly publicized study of college student credit card use. CREDIT CARD NATION has been released in paperback.Dr. Robert Manning, an economics professor at the Rochester Institute of Technology, has an excellent web site on consumer credit: http://www.creditcardnation.com/

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