While each swipe of credit cards at the cashier’s checkout helps drive the nation’s economy, it’s also driving Americans into bankruptcy at alarming rates. The average consumer carries a fistful of cards, and thousands of dollars in debt. New research shows that the banks controlling those cards are becoming even more aggressive at charging late fees and other penalties you never knew you’d agreed to. Even the jump in interest rates comes as a surprise to most.
Guests:
Lowell Bergman, “Frontline” Correspondent and New York Times reporter
Tony Yezer, Economics professor at George Washington University
Linda Sherry, Editorial Director for Consumer Action