FRONTLINE, the PBS news program, broadcast their investigative report on the credit card industry again last night. This hard hitting program originally aired in 2004 along with a joint New York Times report on the plastic trap.
Ed Yingling, incoming president of the American Bankers Association, tells FRONTLINE that revolvers are "the sweet spot" of the banking industry. This "sweet spot" continues to grow as the average credit card debt among American households has more than doubled over the past decade. Today, the average family owes roughly $8,000 on their credit cards. This debt has helped generate record profits for the credit card industry — last year, more than $30 billion before taxes.
Missed the broadcast? You can download and watch the entire credit card special online through the FRONTLINE website anytime. The FRONTLINE website also offers information, interviews and other must read information about the inner workings of the credit card industry.
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