One look into our wallets or our mailboxes, where credit cards and credit card offers are often overflowing, and it will come as no surprise that credit card debt in this country has more than tripled since 1989. And more and more Americans are paying today’s credit card bill with tomorrow’s new card.
Getting trapped in the jaws of credit-card debt is easier than ever – especially if you are a young person, a favorite target of the credit card industry. Is Congress doing anything to stop this? In this part of our special The Myth of Money, journalist Danny Schechter shines a light on the credit card habit that is tipping hundreds of thousands of families over the edge with his new film In Debt We Trust – America Before the Bubble Bursts.
Also, joining us throughout the program to discuss the perils of being a credit card nation is consumer activist Joe Ridout from the national education and advocacy group Consumer Action. Ridout will tell you how you can protect yourself from credit card scammers.
ABOUT THE FILM
With In Debt We Trust – America Before the Bubble Bursts, Danny Schechter puts a magnifying glass to the fine print and exposes how the credit card companies and banking institutions have turned us into a debtor nation. The new documentary feature looks at Americans’ relationship with debt and examines what will happen when our ballooning national debt comes due. Our addiction to consumption and debt as a national pastime is an issue that cuts across political, racial, class and generational lines. Over time, Congress has virtually legalized loan sharking by financial institutions leaving hard working Americans at the short end of a bad deal. This film is about fighting back.
LEARN MORE:
For more information or to see the trailer, visit the film’s official site.
Visit Danny Schechter’s News Dissector blog or MediaChannel.org.
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