The Secret History of the Credit Card (full documentary) | FRONTLINE 

And of course, it won't be.

The credit card companies used to promote offer cards on College Campus when I was in school, get them young and you get them for life!

Yes and the mechanics of credit cards and credit is something that needs to be taught along with civics and as I have recently viewed another You Tube channel there should be the mechanics of the Social Security system and what it entails. These subjects should be taught in high school, quite possibly starting in the ninth grade which would be considered the freshman year, as well as economics (but down on a level that the students can at least grasp the fundamentals). This does seem to be quite a load but these young people are exposed to the cruelties of life with no preparation and all they have to fall back on is the "college of hard knocks". You know these subjects (less civics ) were generally left to the individual families (the parents) but some were good teachers and good examples and some were not. In these days and times where everything can move so fast due to the speed and availability through our computers, being well informed can save a lot of our young people a lot of financial trouble in the future. Of course it is a "leading the horse to water but you can't make him drink" situation but at least the effort should be made to educate our youngsters (at least down to a level they can understand) about the things they are going to be facing when they enter life as adults.

The good thing is research shows that younger Americans are more fiscally responsible as the high inflation and turmoils in the market have encouraged them to be cautious but what’s worse is that the boomers and some older millennials are piling up their debt credit and leaving it up to the next generation

@@portcybertryx222 Personal credit debt is not passed on to offspring. Boomers are not all bad, on the contrary we have the highest ever level of wealth transfer to the next generations in the US, from them Boomers. Gen Z also has the benefit of better Financial Advice, beyond what their parents had access to. We as a nation are more affluent but the middle class is losing ground and wage disparity is at its highest in 40 years. Every generation gets gains but we may now see the decline of longevity since Gen Z is not following the dietary and exercise advice that is also more widely available to them now. Save your money and be prepared for long time care insurance Gen Z.

the normal people they invited, just don't understand anything about finance!

@@lucasrem1870 aaaaaaaaa

Isn’t it nice to live so cluelessly? And when these people can’t pay their credit card debt it’s the credit card companies fault for being “ unfair.” Puhleeze.

When was this filmed/aired?

@@ashleelarsen5002 2004

This was before Warren ran for the senate, Gods she was young!

​@@JohnSears1970 And looking more Native American than ever.

Right by staying away from credit cards

Credit cards are a tool like anything else but if we don't understand how they work and how easily we can be trapped, they can do far more harm that good.

Agree

Yep lol

That's because your parents were not taught better either so they don't talk about $$. My family is the same. I can tell who has figured out how to manage their $ because they don't become defensive when the subject comes up.

@Lesley T You’re not getting an answer

@Lesley T If I had a nickel for every time someone typed “must of”

Gonna borrow some more now? 😉😂

@@jollama "Must have had"

I paid of all of mine but that is only because I was lucky enough to get an inheritance.

​ @rianmonnahan 8 Let no debt remain outstanding,...(Romans 13:8) ...and the borrower is slave to the lender.(Proverbs 22:7) We should read Bible carefully and meditate on it, we'll find God's words always protect us from being trapped!

Experts of deception 💲💰

I don't either

That’s why I never took out loans, and have always used my debit card.

how do you have a house and car lol

What 'thnigs', nearest and dearest?! The banking collapse of 2008? Wall Street taking over the federal government, then churning the dollar-printing machines, using the newly issued FIAT to reinvest in the same junk commodities? Is the so-called middle class now not even able to afford health care? Yeah! It;s a lot worse than when this documentary was broadcast, because you and the likes of you keep voting for the marionnets, who are bought and aid for by the Wall Street!

Do it Yourself

@@masudsaleh5155 Rude.

They're alot worse, CC debt is at an all time high

Amazing even in the age of Social Media and information at your fingers people still want info handed to them.

Why would you want to get rid of your credit cards. They save you a lot of money.

My Dad is similar, he said "when you borrow, you borrow with sorrow."

My father says the same and he's right!!

💯 agreed. My husband and I live just like that. We use a credit card just to maintain an excellent credit score but if we can’t pay it off right away then we shall not purchase. I unfortunately learned the hard way once I was 18 and entered college and had credit cards thrown at me. Luckily I paid them off and learned how to use credit cards. An important job as a parent is teach our kids macro/microeconomics!!!

Well, it's true... unless you are buying a house or an asset that provides income.

Unless you’ve been living paycheck to paycheck and need it for basic necessities. Then you’re screwed.

@LuxuryLyfe, I think Heather meant the advanced cash option because the interest and fees are higher. However, I agree that cashback is a great perk when you use CC responsibility.

The 0 interest period is good and the reward miles are wonderful.

Don't use credit! Solved!

I just stopped using credit cards all together in 1998 and have been a much happier person for it. Not giving a greedy card companies 20-30% mark up on *EVERY THING* I purchase has been such a blessing. I use to purchase things on sale or even clearance with my CC and then by the time I’d pay off the balance in full, I paid double of what it was bought at. But there’s no WEIGHT held over me each month.

🥃👱🏻‍♂️YOUR OLD MOTHER DONT KNOW WHAT SHES TALKIN ABOUT

The first level of financial freedom is creating an emergency fund. Ideally, this will also include paying off any credit card debt. Unfortunately, living paycheck to paycheck is the reality for millions of Americans. I think I like to play again with the stock market, any recommendations?

Planning for retirement, or even financial freedom, is a marathon and not a race, as the saying goes. Breaking your financial independence goals into small pieces can help you stay on track while making the process a little more manageable and hopefully a little less stressful. Even if you are starting small, the important thing is to start. The investment creates a safe haven for the future. Everyone needs it so you don't go bankrupt when you stop working

Would you mind sharing information about the advisor who helped you? I am now 39 years old and would love to grow my stock portfolio and plan for my retirement.>>>

I don't really make recommendations, I just invest for profit and mind my own business, but I would do it for a reason and it is for the betterment of all.

That would be so kind of you if you share with us your source of financial freedom.

I lost all my money too,.... in a get-rich-quick scheme called College

@@straytarnish9443 sucks

@@Jay-jb2vr you were a good teacher 🥰❤🥳

@@straytarnish9443 yea I stayed away from college

@@Jay-jb2vr I couldn't figure which half the top 10% was in

With respect Awoken, it's Mom, and Dad's responsibility.

I did, but I went to a good high school. My favorite part is when my teacher dramatically threw open his card wallet showing he had 25+ credit cards. It literally went to the floor.

Now that would be counter productive.

Maybe--but most of it is common sense. My parents told me NEVER to carry any credit, and I haven't--I use it as if it were a debit card. My operating assumption is that corporations are criminals and there's little protection from them. DON'T BUY WHAT YOU CAN'T PAY FOR IN CASH. Simple wisdom everyone followed til the 80s.

This is by design.

Ms. Warren grew older, I guess.

There are now disclosures on credit card statements telling the consumer how much they will have to pay in total if they only pay the minimum due, and also a consumer can easily find out their FICO score for free. Both were issues when this documentary was made. But even having this knowledge today does not make the system fair for consumers.

a lot has changed. big banks allied with controversial causes/movements so now the focus is class warfare. really it should be the united 99% of americans protesting the 1%

@@meltinkfuli was going to say the same. They absolutely have added the disclosure of if u only pay the minimum it will take u this long to pay this off. Also there’s definitely many more options offered to costumers to help them pay their cards and not ruin their credit which i think is great.

Humans will always want more crap. More more more.

They don't want the wage slaves to know it's designed to enslave. And somehow they've programmed Americans to live by the credit i.e. social credit score.

That's BS. The education is there, the problem is the education is given to teenagers - the same teenagers that take the loans in the first place because they don't care about the consequences.

For the same reason that Constitution and Bill of Rights were dropped from the curriculum.

When the kids started paying for school lunches with a card they were training them to use plastic instead of cash. Banksters getting them while they're young.

You are so right? My kids went to different high schools and only one had the option to take a class about financial responsibility. She's the most financially savvy member in the family.

They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.

I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.

we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this consultant that guides you help?

My Financial Consultant is Vivian Carol Gioia. I found her on a Kiyosaki interview where she was featured and reached out to her afterwards. She has since provided entry and exit points on the securities I focus on. You can run a quick online search with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so

Vivian has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I set up a call with her so I could use her services.

2020: COVID - bye.

All of history: some people are dumb. No financial sense, no savings, no life planning, just buy buy buy and YOLO. They got what they signed up for.

202?: Total collapse…and UBI to the rescue?!

UNDERRATED COMMENT !!!

26 trillion to banks and company’s and QE for too big to fail 2007-2010

And now ppl are enticed to pay with their iPhones.

The cc company does now state how long it will take you to pay the balance if only making the minimum payment. I definitely would like an update on this as well.

ABSOLUTELY

All is corrupt top to bottom.

Except that pretty much nothing has changed. Banks still make Bank on people with bad score

so you buy nothing online ?

​@@guyaldrich5878actually, that probably helps keep them from debt too.

I’ve made my 50 years without one too. Debit card for purchases that require a card.

Debit card is a link to real money,no way I am using that online or anywhere !@@CA-oq1ce

Do you have a business?

Assets that can make you rich Bitcoin Stocks Real estate

@@noahgonzalez9041 Stock's are crashing, Bitcoin investments Right now will be at every wise individuals list, in a month you will be ecstatic with the decision you made today

@@seanbenson5898 You're right, it's obvious a lot of people remain poor due to ignorance

I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings

Starting early is the best way to getting ahead of build wealth, investing remains the priority

They are starting to play with fire People will resort to banditry and murder Home invasions chaos This isn’t good

So true.

CORRECT, FEES FOR TRANSFERS DID HAVE A HOLD ON ME, LEARNED. NOW, WATCHING WHO IS MAKING REACCCURING CHARGES IS GOING ON WITH USING CARDS. CKECKING YOUR BANK STATEMENT IS IMPORTANT.

How can CITI BANK BE LOOSING MONEY?

So don't purchase what you dont have.

I’ve always said that a credit card is for people who don’t need it. If you need a credit card to pay your bills don’t get one.

How are you paying for RU-vid? The internet? If you’re having a company take money directly out of your bank account, that’s dangerous.

agree with you. 1. Health 2. Personal Finance 3. Local society these should be taught very early stage

Also please teach this to your children at home. This is where it is most impressionable and where it begins. This is so important to keep them informed at an early age of the downfalls of using cc . 💳💸💸💸

@@mmp495 - a lot of parents are in debt themselves, they are the last people to teach children how to do personal finance, my parents were horrible at finances and never could own their own home (I found out years after my step-father passed away- from my Mother) in 24 years of being them being together. And my step-father was in the Korean War and could have gottin’ a VA loan… but never did, he had made up an excuse as to why he couldn’t get one that would arise suspicions. And well when his Mother passed away, my Mother found out through her Sister had told my Mother that my last step-father had been married 3 other times (before my Mother) and already used his VA loan… we found out that he had changed his name from his birth first and last names to get out of paying child-support for 5 other children from 3 other marriages, there was so many things we found out after he passed away in 2000.

They are too busy trying to tell little girls and boys to take puberty blockers and to surgical remove their body parts.

@@blankmandastankman I think we should still encourage the basics like "Cook at home. Have a lot of fresh food. Reduce processed food intake. Don't consume excess calories". There's a lot of specifics up for debate but even just following these agreed on basics, a lot of people would be miles better off with their diet.

Well said. Thank you. Only thing I would change, is I think the classes should be taught in high school.

Then watch PBS more. They do it to this day.

The mix between Covid 22 and bad credit is mind boggling!

I love it..Its an awesome game!!!!

Banks are robbing us all blind.

@@user-wy2iw5vy5u .

De-regulation, greed, and our government are partly responsible for this predicament. Borrowers who exceed their income are another part of the problem. People should learn to budget and/or go without. I realize this may hit hard for some people, however, no one needs the greatest, most expensive, newest technology, etc to keep up with the "Jones'" Many of the people who lost their homes were given loans for which they did not qualify. . . .And no one went to jail. We still sit around and do NOTHING, while the rich get richer and the middle class continues to disappear. The minimum wage should be increased and the Corporations need to pay their share of taxes.

Is not part of the state curriculum in any state.

Gwe asinga😁😁😁

Indeed.

All have sinned and fall short of the glory of God the rightousness of God is available through faith in Jesus Christ. there is therefore now no condemnation for those who are in Christ Jesus. Repent in Jesus name ! confess your sins to God.

PREACH!!

@@fearGod8 amen 🙏 🙌🏽 👏 ❤

And it is so by design.

this world revolves solely on a debt.

By design for sure

....

I slightly disagree. While it's not a bad idea, I personally believe a certificate of financial literacy should be required to take out a loan. It could even be more specific. Maybe a basic, first-level certificate is required for a home loan, a second-level certificate is required for a car loan, and a third-level certificate proving that you understand the math and laws associated with credit cards if you want to take out a credit card. The financial literacy course for high school graduation is better than nothing, but 1) the people that have the most problems with credit cards often don't graduate high school, and 2) my High School required everyone to take a financial literacy course to graduate, but when it came to actually implementing the course the material taught was so complex most students didn't understand it, the focus of the course wasn't particularly useful, and I'm not convinced the teacher teaching the topic understood the topic. I know this is just one example, but as a substitute teacher who has taught at many schools around my district I can tell you the number of teachers who properly understand the topics they are supposed to teach is sadly quite low, and the number who understand the topic AND who have a talent for communicating/teaching what they know so that regular students can actually understand it are even more rare. So yes, the course to graduate high school is a decent idea, but if you have to prove that you are capable of actually calculating interest payments for credit cards and are capable of answering questions about potential legal issues with the credit cards 1) the people who are the most vulnerable just won't pass the test and can't get the credit cards, and 2) the people who do pass the test will likely understand the risks of the credit cards they have way better than they normally would. I should point out, I am mostly libertarian and I am also usually for free markets and TRUE capitalism (not crony capitalism), but I do believe one of the limited roles of government is to act as a referee to protect consent in negotiations. I believe consenting adults should be allowed to agree to almost any agreement they want to agree to, but because credit card law is so confusing the customer often doesn't understand the contract but thinks they mostly do. In my opinion, this means the customer is no longer a truly consenting party. It is a deceptive agreement. If customers can prove they understand the abusive contract, then it's on their own heads if they choose to enter into the contact. In fact, if the terms were one paragraph and they were in plain English that 90% of the population can easily understand I believe it is fair. The 10% who can't understand should bring a family member or friend to help them out. If the terms are short and easy to understand and someone is just too lazy to read them that is on them. But the terms are not just too long, they are also written in legalese, and legal terms for words are often very different than the regular English meaning for those same words, which means that often very smart people may THINK they understand the terms they are agreeing to, but they are wrong. Plus, even if you manage to read the entire agreement and understand it, you could theoretically have to keep reading a new, long, complex agreement every 15 days. Keeping up with that is not reasonable. Even as a free-market advocate and libertarian I solidly believe the government is right to ensure that customers have at least the likely ability to understand 100% of every detail of the actual arrangement before they agree to it, which is why in this particular market, along with a few others, I fully support requiring customers to take a test where they read a few credit card agreements and have to calculate interest payments and answer confusing legal questions about the agreement in order to get a financial literacy certification that will allow them to engage in these risky and abusive contracts.

Can you please write longer posts next time? Way too terse, pithy, and succinct.

I guess the baby needs attention. Here you go, li’l lady. Now run along.

​@@marklefkowitz4385That post was very informative. 😂 Do you work for a credit card company?

​​@@wit2pzI appreciate your comment. Our household had the same issue. At one point even though we were always paying over the minimum balance we had one company double our minimum payments . I literally called them in tears. I told them you have two choices; you lower our minimum payments to where it was, or we don't pay you. They did lower the payment. It feels so good to be free of credit card debit. Your description of how to get out from under their thumb is perfect. We truly do become slaves to our debtors.

Your business will make you rich but your investment will make you wealthy. We all deserve to be rich and have financial freedom. I pray everyone reading this becomes extremely successful.

You're right, Fear is one of the factors that hinder most persons to invest into crypto, most persons say ignorance..

Now is the best time to purchase and invest in bitcoin, stop procastinating

When you invest in crypto you are buying days you don't need to work

@@DavidLopez-nw3krI'm new to bitcoin trading, how can I go about it or is there anyone you can refer?? 🙏🙏

Folks have no idea. Health insurance companies practices are a nightmare.

Prof Warren was not a politician yet

@@Openmind4me2 That must be why she (Warren) said the laws are inadequate. Now that she is a politician for so many years, would she do something to change the laws, in other words, to benefit the people?

How they get the interview sequence and questions in order for maximum effect is unreal. Just magical.

This so-called documentary is trying to hide the real scumbags behind most of the credit-card companies. At 18:15, they interview Andrew Kahr as an innovator. Then later on, at around 35:00, they talk about Providian and how they scammed millions of people. They never mention that Andrew Kahr is actually the founder of Providian and the one behind the scam!!

@@ghaziabu-dayyeh602 That's why they said he wouldn't agree to an interview, if they did mention it.

@@bobbobbing12 Yes they mentioned that he wouldn't agree to an interview unless they agree not to disclose where he lives or discuss certain things. The interview is useless and they didn't mention that he is the founder or Providian. This isn't a secret and it's well-known among old timers like myself!! They are hiding information from the younger generations !!!

@@ghaziabu-dayyeh602 can't ppl google him?

​ @rianmonnahan 8 Let no debt remain outstanding,...(Romans 13:8) ...and the borrower is slave to the lender.(Proverbs 22:7) We should read Bible carefully and meditate on it, we'll find God's words always protect us from being trapped!

@@freedomhelpandhopeallarefr5626 amen! We were told that the love of money is the root of all evil.

BING BONG! 😂

You be like. Duh 🙄

Let no debt remain outstanding,...(Romans 13:8) ...and the borrower is slave to the lender.(Proverbs 22:7) We should read Bible carefully and meditate on it, we'll find God's words always protect us from being trapped!

Be fearful. It keeps you alert.

Get one card and pay it off every month. I can tell you are responsible enough to play their game and win.

Psiros, I agree with your words. Ask for help. In my mid 20's, back in the 1990's, I amassed a lot of credit card debt on several cards. I did something about it. I found a bank that would consolidate my debt. with a lower interest rate. 4 years later, I paid off my debt to that bank. Shortly thereafter, I was debt free, financially, and still am today. People should not wait until the credit card companies send them a notice. I know there's a reason to keep at least one credit card, but I have none. I pay with cash or my debit card, which that money comes from my own savings/checking account.

Why should we care about credit card debt when the US can't even payback it's debt?

Yes. Got screwed when bank of America jacked up our rate from 0 to 24% for no legitimate reason. We weren't late. Paid extra every month & could the balance grew & grew. It's illegal for them to do what they did to us. Lucky we had equity in our house. Got a 2nd mortgage & made double & triple payments. Blood thirsty sobs. The money we paid them woulda been nice to use elsewhere, but fckem. Shoulda not paid any of it. The debt was occurred by interest, not from purchases.

Did you know Trump is billions in debt ? You sound funny. Only difference is he owns assets . Assets generate cash flow. That car you bought of off credit car is liability. You are debt slave.

@@thetritiumdepot9270 you are a smart person!!!

The responsible thing is to take on debt you already have cash to pay off

It’s called manual underwriting. I have an invisible credit score. My credit score is zero. I got a mortgage with no problem. Churchill Mortgage will do manual underwriting and my interest rate was as competitive with anyone with an 800 credit score.

If you had more than enough cash in the bank to buy the condo, why get a mortgage? Just pay cash.

@@kinky_Z Because at the time we were getting several % points higher on our CDs than the mortgage rates.

According to Dave Ramsey, you can locate a company that can underwrite a mortgage for you.

Issue is you have to use credit cards to build credit

@@GrandisArcanum no. Theres other ways to build credit. Its not like people didn't start building credit before they existed

@Dubakoor Damaka oh please. Im 35. Got my first credit card 4 years ago. Before that, I had 3 successive car loans. On the 3rd application, the salesman said "you have old man credit " in the good ol US of A.

If you actually know how it works credit can be extremely useful.

@@AWOL401 indeed. Especially with those 0 to 2% interest rates. The key is finding the right places to borrow

ehhhh I like Frontline but they are far from the most informative on the internet

Right on

That means views will be lower than mindless videos.

This channel doing good job at public service

Not really. Some of the contents are not honest. PBS was bought out by a big corporation as well. Not everything that you see on PBS is straight up facts some are propaganda but this one about credit cards is accurate.

Top kek 🐸 And they steal our money to make this dribble

@@trevorguthrie3054 You're getting old man

Well done sir. 👏

😭

35.90% credit card jb.ok

I pay them to zero and try not to use them.

You should do one but for the uk

Just file for bankruptcy

It's a financial bear trap Forever maiming your wallet

@@lynettejohnson5111 the messed up thing about that is.... your credit score usually stays low or goes way down when you pay off your balance. The CC company's reward you for keeping a balance about 200 - 500 dollars sometimes, that's how you build credit to purchase things like a house or get a business loan.

Amen. American express had me by the balls. Thank God I has monet saved. I paid it off before the debt ballooned.

Bi-weekly payments are a good idea. It is always smart to make as many payments as possible if you are carrying a balance and are accruing interest charges DAILY. Do NOT wait and make only one payment per month. As soon as you have a wad of cash, pay the credit card. With online account access and electronic payments, there is no reason to wait. Most credit cards will accept as many as one payment PER DAY.

Debit Card all the way. I don't give a dime to "American Excess" or any other CC company. There is a reason why these companies have large sky scrapers and over paid executives...

if you able to pay off your credit card fortnightly you do not need that card in the first place

@@davidharcot220 Wrong. As I've noted elsewhere, I get a 1.5% discount by paying wth a credit card.

They learned from the mob!!

That all sounds pretty obvious. Of course, cancelling a creditcard doesn't just magically absolve you of all the debt that you were carrying. You still have to pay it back.

Or the expert Elizabeth Warren. Lol

@@johnstown2451 that name sounds familiar lol

They're real. And they're everywhere.

Not all pre-paid debit gift cards charge huge fees per transaction.

I'm sorry Rob, but you need to learn basic money management. If you don't want to use a credit card, your back will issue you a debit card that works worldwide.

@@donchampagne6211 You don't get it. I live in the United States, and people are not taking USD. I am in Europe, and they aren't taking euros. If I got buried under medical bills and can't get a credit card, I couldn't just do the sane thing and pay cash. That's a problem.

when your credit card info has been stolen, the credit card company will gladly refuse to pay the merchant. i have had my debit card stolen (yes, including the pin); and it's nothing like dealing with credit card, because they need to reimburse for the stolen money -- not just refuse to pay the merchant. So the vexatious barriers to paying you back are a lot higher. The solution to this is to force people to take cash. Credit cards are criminally insecure too. The reason why Elon Musk and Jeff Bezos are the richest people on earth is that they both created payment systems where you specify the amount the other side gets; rather than having the card number effectively be a password that you give to every gas station attendant and waiter you interact with.

This isn't an issue about LACK OF EDUCATION. It is about wealth and power corrupting the laws of our land forcing Americans to use their financial products. Lobbyists and the bribes they offer to lawmakers change the legislative scenario from OUR lawmakers to THEIR lawmakers. Understanding how lobbyists corrupt lawmakers is the education. PHD

Yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too

you're right Forex trading is surely a lucrative way to invest whether you want growth, leverage, stable income or something in between.

Yeah for sure, honestly I made 62,800 dollars within 6days of trading with Bit coin.

It really profitable Investment

Facebook 👆👆👆

Well, I'm truly thankful for my mom for informing me that whenever I use my credit card. " I better make sure I can afford to pay it back , cuz I'm not helping you " thanks mom . Lol.

Right on!

If you save for the things you want it may take longer to get it. Yet it will cost you significantly less. Some say if you pay off credit cards every month you will save money and gain credit. Only now most cards charge fees if you pay off balance before any interest is charged. Personally I would rather die with little than die leaving massive debt for my children/family. Even death won't end your debit but only transfer it to your family.

@@jamesmancuso3666 I love cars just as much as anyone, I've been that way before I even had a driver's license. However, there's nothing I want bad enough that I'd have to go into debt to get it, not even the new Z06.

ME TOO. ruined. cant even get a 300$ card. havent touched my credit in 7 years, still getting denied, payed off a lot, had a lot taken off, but now I still cant get approved for shit. I have a good job. money isnt the issue, I mean for big expenses im used to saving up for (if I can) otherwise with my really good career im barely getting by. it was great bing 18 and having my bank tgive me a platinum 1k limit card and then more ... my life is nothing. I cant get anything.. I cant travel, go anywhere. I hate credit.

She was a good looking woman, back in the day.

She got that professor job at Harvard, only because she is a full blooded Indian.

They have brain washed people

Unless you are the ones making money off of the have nots

it was prob sarcasm.

@@taylorisamazing9304 well said. 👍

That it is...

Purchasing a duplex is a very smart thing to do for a young person. Rental property over time. Will Make a person wealthy. But it takes time. A smart girl. The rent probably will not cover ALL the mortgage. But it will help. She’s probably going to have some payment. She won’t be able to live for free. But it is a very wise decision. But rental property at times can be a challenge. You have to be tough on people. Not an asshole. Just firm. I would love to give her advice,

@@user-sh2mk8ew4c thanks for pointing that out. Yeah it wouldn't be free rent/mortgage, She's starting to stack money to help her in the future purchase, for upgrade, renovating etc... I'm really proud of her, she is almost done with college will be graduating in the summer and didn't have to get loans for that, thankfully. I wanted to make sure that she was informed about money and budgeting too. And especially living within your means.

Yes, financial education it's the key....

Exactly

Doesn’t she have to build credit to buy a duplex? I doubt she has the cash to buy that upfront.

No, they are companies who get paid what they agreed to take if you don’t follow through with your signed promise. Don’t be stupid. If you can’t handle a credit card don’t get one. It’s quite simple, don’t be willfully stupid.

Just don’t borrow money. There is no need to play their stupid game.

@@lauromartinez8948 cream money

@@lauromartinez8948agreed. Live like it were 1963. Simply. No unnecessary crap. Collectively figure out how to eat sharks and not be eaten by them.

Use a debit bank card. The money comes out of your checking account for purchases. No interest,no debt. We have zero credit cards and our Fico scores are 790

The CARD act of 2009.

2023 credit card interest rates 20-30%+ even for people with great credit And some of these snakes are so proud of the rules they put in place "Carr"

Some of the cashiers look at you like your a drug dealer or a pimp when you pay cash these days. Think I need a pink hat with a feather in it next time I start throwing Benjamins at the checkout.

@@googleuser868 Good idea. I have my trucking pimp hat. I'm going to wear that the next time I make a big purchase😃🤑

@@googleuser868 I’m not gonna lie. When I read your comment, my first thought … under cover pimp daddy trying to sound like a normal hard workin dude🤣🤣. I’m so sorry.

@Mark Myjak: If you had paid that stove with a credit card and paid it in full at the end of the month, you would have gotten $6 dollars back to use for whatever you want. Always pay your personal expenses with credit card and pay back in full.

@@childfreesingleandatheist8899 I can't be bothered chasing cash backs on credit cards. I have a stock that gives me $15/month .

@Mind Blown it’s doesn’t IF it’s canceled by the financial institution

Many people pay their monthly bills online with their credit card then pay it off before interest is incurred to increase their credit standing and keep their card should they need it for an emergency.

get a CC from a local credit union. their policies are much better.

They have learned how to grift off of you coming and going. But Americans refuse to fight against this grift, so they continue to do it, cause its very profitable for them and ain't nothing but your $ to them. They only steal from y'all cause y'all allow it.

@@derbywinner6316 This is false. Your credit score is composed of several factors, some of those that can be impacted by closing an account are the number/variety of active credit accounts and your credit age. If your account is closed (either by you or by the card company) your score will drop. This happens because your credit age shortens and because your number of active accounts gets smaller. This isn't a huge problem since these two factors only play a small or medium impact on your overall score. Your score will drop but most likely temporarily or by a small amount. The biggest impacts that are reflected on your score are credit card utilization, payment history, and derogatory marks.

💯

SMH. I’m so old, this doesn’t even seem like it was really that long ago. Just over 15 years. Pretty recent, in my opinion.

Look how young Elizabeth Warren is!

The actress in that Hawaii!!! Commercial went on to work at pbs. Ironic.

So old it was One Fifth my lifetime ago. lol

@ Lee Galen… I fully agree with you. This is something they should Learn… but then look What they are “Teaching” now. CRT… Marxism… Communism… Communist Core for Math. Math is Math. I love it because it Makes You Think. I HATE Math… Because I CAN’T do it. They should be Teaching Science… it also teaches Logic. They should be Teaching History. I’ve always found History quite boring and Hated it. Now… I look at it from the Social Science point of view and find it Quite Interesting. With History… THEY NEED TO LEARN IT… Everything that seemed to happen with Hitler… is HAPPENING RIGHT NOW. This video is about LEARNING… it is about LIFE… and it SHOULD BE LEARNED. I’m surprised this video would still be here. Why? Because these Crazies don’t want you LEARNING ANYTHING. Our Schools now… They teach only One Subject. That Subject is called STUPID. When the schools teach Stupid… The People are Stupid. When the People are Stupid… Society is Stupid. When Society is Stupid… The World… is STUPID!

Many ppl look at the 2 percent down as a gain. So instead of budgeting they just push the problem back. They have a mindset that they could “die tomorrow”, so what’s the point of not spending. They don’t realize that the big banks are betting against them.

Jimm Barr Official I did hear that in 2020 the average debt did drop. I also read someplace that in recent months, credit card debt has been rising again.

Just never use your card for debt! always pay them direct! Negative interest! Pandemic?

@@michaelbest1827 I'd wager it's because people didn't cure their consumerism while they were stuck at home. While at home, they took the money they normally used for going out, driving, etc. and put it towards debt, then when everything reopened, they made up for lost time. One of those statistics floating around talked about what percentage of credit card debt was "optional" spending, like going out to eat, and how much was emergency spending, such as replacing a water heater. The optional on credit card debt was higher than emergency. People didn't really learn the lesson when they were paying it off.

@@michaelbest1827 I've heard that debt is at a all time high now because the economy is so bad that people are using there credit card as a last resort now the country is swimming in debt.