Dear FRONTLINE,

Why don't our public high schools introduce students to the dangers of credit card debt as part of a comprehensive financial management curriculum? Other than moral values, which have hopefully been taught at home, what single issue is more important for young adults approaching the age of independent living?

Bob Rothenberg
Waltham, MA

Dear FRONTLINE,

We owe too much money on credit cards, but have been paying more than the minimum amounts and have never been late but one of our credit card companies said we owed too much money and bumped up our interest rate to 29%. The other cards followed suit and moved their rates up from 16% to 23%. Due to this fact, we have turned our cards over to a debt counseling corporation to negotiate new rates and pay these bills for us. We will still be paying the same dollar amount, but will pay out of debt in three years...

Ozark, MO

Dear FRONTLINE,

A great program. It's too bad big companies are in control, and the public is not. We are enslaving the American people and just like any enslaved people there has got to be some type of rebellion.

I think as one commentator said, that they (business, and government) may look back and wished they had just disclosed the cost of borrowing with use of credit cards.

People will have to make a choice in how to spend their money, and paying for credit won't be one of them, especially if they become unemployed. Then we add insult to injury by charging those who can least afford it the most. shame, shame, shame

joan hoyte
Charleston, sc

Dear FRONTLINE,

People need to take more personal responsibility for their finances and spending habits. While I agree that the credit card contracts are obtuse, consumers have been far too complacent. People who believe that the minimum payment works to significantly pay off their debt have had their heads in the sand. The banks do very little in the customer's interest, they are major marketing machines. If you want a financial institution that works in your interest, join a credit union!

Falmouth, MA

Dear FRONTLINE,

I have very little sympathy. If one cannot afford something cash; don't buy it. Use your brains. The majority of corporations are pathological liars and don't give a toss about consumers.

If you cannot afford it, then don't purchase it. If one can ride a bus or bike to work as opposed to buying a car, then do it. etc. etc. Stop being materialistic. I have not, nor will I ever owe anyone.

I am glad my parents' taught me this. I could not cope with not owning what I have. Live within your means.

Make your lunch instead of fast food crap.

Catherine frid
Hamilton, Canada

Dear FRONTLINE,

It is good to see someone finally expose this sleazy industry to the public at large. Big banks are very predatory these days and have created an economic culture in which the average consumer is required to use their services to make gains in life. Every adult is now required to establish a positive credit history with the major credit reporting agencies if they ever hope to buy a home. That means, every adult is essentially required to have credit cards.

Frontline could easily fill an episode on the credit aftermarket--the debt collection industry. This is an industry full of third party agencies that buy debts from banks for pennies on the dollar and then aggresively pursue the debtors for the full amount, plus extra fees. The banks get a tax write-off and the debt collectors get a handsome return on investment. They typically hound debtors into converting their unsecured debt into secured debt, borrowing from friends and relatives, or threatening lawsuits to collect. This is a very slimy industry supposedly protected by debt collection laws, both state and federal, but the penalties are not enough to attract lawyers to represent clients.

Banks are very uncooperative with consumers who call and indicate they may be facing difficult circumstances. The banks make no provision or have programs for consumers to keep them out of default. Only when consumers have been in default for some time will banks act and provide recovery programs.

With respect to FICO scores, Fair Isaac and other scoring organizations do not disclose their actual scoring algorithms. Consumers really cannot compute their own scores. This is a secret process the consumer is locked out of. Consumers are also unaware that their credit reports probably contain inaccurate information about them.

The banks count on the ignorance of the consumer. The less the consumer knows about their credit, the better for the banks. The entire credit system needs to be overhauled. Banks can charge whatever fees they want, change whatever terms and conditions they want, and even get consumers to waive their rights to sue them. Overhaul the abusive and sinister debt collection industry. Overhaul the credit and debt industry in America and you will see bankruptcies decline.

Thanks for this stunning report!

West Linn, Oregon