- uploaded: Nov 22, 2008
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In case you were living under a rock, banks have played a large part in helping Americans to collectively achieve $850. Billion in credit card debt.
Yes, hard working Americans make the decision to get into debt. But, it\'s the banks that ENABLE them to.
Banks take advantage of people who don\'t think through the prospect of repaying debt (or who have no other option) and allow them to make minimum payments each month for YEARS thereby paying back many, many times what they initially borrowed.
Watch \"Secret History of the Credit Card\" on pbs.org for background on how the U.S. banking industry legally enslaves Americans.