Dear FRONTLINE,

In his interview, Edward Yingling states, "You know what the ratio is at the state level for all the institutions they have to regulate? One to 100." That is a misleading or false statement, depending on how you interpret it. The fact is that the state banks and savings and loans are swamped with federal regulators, such as the Fed, Office of Thrift Supervision, FINCEN, etc. State banks also have the added safety of state regulators, which are on the consumer's side when a complaint is made -- unlike the OCC.

William Peirce
Kittery, ME

Dear FRONTLINE,

I do believe that it is the individuals obligation to exercise self-control that is the key to correcting this problem.

I am a banker by profession and definitely feel that in a society where having a credit card is almost a necessity, that the issuers should educate the public more. I have no doubts that many issuers have unfairly leveraged a customers bad habits into a revenue source where in past years the account would have been routinely closed.

Devin Holum
Houston, TX

Dear FRONTLINE,

My personal take on the whole issue to give up these addicting monsters. When debit cards became widely available, I destroyed all of my credit cards and upon receipt of new offers in the mail, place them in the shredder. I only use my debit card to get cash out of my bank's ATM and for gasoline and legitimate emergencies.

If more Americans practiced the the old saying "pay cash or do without." the people of this country would be far better off. Credit should only be used for big ticket items, such as cars or homes, and never used for little things. By practicing this philosophy I manage to live reasonably well without a huge debt load hanging over my head. Although I admit that I am not the typical materialistic American.

Alan Richards
Denton, Texas

Dear FRONTLINE,

I wanted to respond to Michael Simms' comment about American Express.

I got an American Express Blue card about 6 months ago to transfer a higher-interest balance to it for 0% interest for the first year. Subsequent to getting the card, I made the mistake of charging a $10.00 purchase to the card. I now have a $ .50 finance charge every month on my bill until I pay the the entire balance! In essence, that $10.00 purchase is going to end up costing me about $16.00, assuming I do payoff the balance by the end of the 0% interest period. I even tried to get rid of that singe purchase charge and its finance charge by paying that amount above and beyond the minimum payment due, but to no avail. No doubt this little hitch is in the fine print somewhere, although I haven't located, as yet.

It's a racket; they will nickel-and-dime us to death or the "poor-house"!

Joan Vogt
Asheville, NC

Dear FRONTLINE,

Walter Wriston, Chairman and CEO of Citicorp/Citibank was incorrect when he asserted that consumers can "shop" for the best rates and/or terms. After I perused my numerous credit cards, I discovered that "all" of them were either affiliated with CitiBank or MBNA, despite the card names or mailing addresses. Because of their total monopoly, their policies are usurious even for A+++ card holders. One day after the Frontline program, I called just to opt-out of CitiBank/Bank-One's solicitation program, and was told that my latest payment (an $8.99 balance) was received two days late, triggering a $15 late fee (a one day interest of 166%), and would be charged interest on the $24 total!

As a former hard money lender, even my firm was never so ruthless as to use exponential compounding!

San Bruno, CA

Dear FRONTLINE,

I have worked for one of the major three credit bureaus for over a year now. Although I do not directly work with consumer data, I can tell you confidently, as a consumer and a citizen who is concerned with privacy, that the company I work for is absolutely meticulous with consumer data. This is a much maligned business, but after watching your program, I hope consumers understand the difference between credit card companies and the bureaus that keep credit history. My credit data is not only used for credit cards-- but also for the automobile I just purchased, for the home I hope to own in the coming years, and to prevent identity theft and fraud.

I never thought I'd work in this industry and I didn't understand it any more than most people when I started. I am glad I did, though. Although I've had debts from time to time, really understanding how credit works has made me a much more responsible consumer. I check my credit history for fraud, I pay all my bills on time, and I know how to decipher the fine print. There are many resources out there and anyone can learn how to be responsible with their credit. I really encourage it.

Costa Mesa, CA

Dear FRONTLINE,

Your Secret History of Credit Cards was exactly the type of investigative reporting the nation need more of.

I would only add that there are non-profit organizations that help people who are in debt and want to get out.

The Credit Counciling Corporation of New England assists people for a modest fee. They should be distinguished from the for profits that advetise on television. I mention them because the CCCS of New England, does good work, but hardly gets the publicity or attention it deserves. I hope this may change.

Just remember, when a company advertises on televsion, the consumers pay for the adds by their fees. Remember this, add it up and draw your conclusions.

Please continue doing more reports on the things we should know about but don't.

J. DAVID RENO
BOSTON, MA

Dear FRONTLINE,

As a credit card user and an employee of the credit card industry, I found your program very interesting. But in all honesty, also very biased.

Yes, there are many things credit card companies do that are sneaky and devious. One card company now offers a 0% APR on balance transfers for the life of the balance as long as you make two purchases - but guess where you monthly payment gets applied - to your 0% balance transfer until that's paid off. Many charge you up to $15 to make a payment the day it's due.

So I'm not defending the industry. But I do believe you could have spent less time on fear and more on information. For example, on the rare occasions I have been late with my payment, I have called the credit card company and had the charges reversed.

I have also called and threatened to cancel my account to get a better APR. They are a business after all and will negotiate with you to keep your business.

Also, in the 5+ years I have worked in the business, I have never heard people who pay their bills on time referred to as "deadbeats." We call them "transactors."

Your report failed to talk about the reward programs that compete for the consumer's wallet. From miles to cash back, consumers often charge because they feel they are winning the credit game.

You also failed to mention the billions of loan losses credit card companies take on when card holders go bankrupt. I don't think it's a good reason to jack up rates to loan sharking range, but there is risk in lending money with no collateral.

I think it's very important to be responsible with your credit - as it is to show accurate and fair journalistic reporting. Your show was good. But you left out many truths in order make credit card companies more monstrous. You would do well to talk to more people on the inside and not the spin doctors.

chicago, IL

Dear FRONTLINE,

Thank you so much for taking on an issure so Important to me the I recently wrote my Senator Barabra Boxer about it.

I am a college graduate in Mass communications and I have the student loans to go with it.

I work a good job and I earn the median income of the average american.

However, no matter how hard I try, I am unable to obtain or improve my credit.

I have gotten secured cards where I charge using my own money and I have even been able to get a credit card with a small limit of $300. Which I pay off each month.

But it is all for naught.

My score, which I dilligently try to improve weekely with a credit reporting beaureu seem never to improve.

I am unable to do such simple things as, buy a car, rent an apartment, and lately even secure a good job without them reviewing my credit.

I try and try to dig out and improve my score. But I never seem to be able to.

I honestly don't know if I ever will.

I am not alone.

I hope your show helps others to help consumers such as me.

Forrest Wagg
Alameda, CA

Dear FRONTLINE,

Credit Card Company allows people to obtain credit too easily without understanding the repercussion and ramifications. Credit Card Company allowed my brother of very limit mental capacity to obtain credit up to $25,000 quickly. With lack of concept money and debt and being adult, my parents had no power stopping my brother. Being from strong family cultures, my parents wanted to assume the entire debt. The rest of the family protested saying it my brother not parents responsibility. The credit card company is unwilling to work with the circumstances. My brother debt will unlikely be paid due the limited income mainly from the Government. My brother is not the only one, there are many people of limited mental capacity assume large amounts of debt.

Keyman Lo
Los Angeles, California

Dear FRONTLINE,

Recently a store put my purchase on my credit card twice by accident. I contacted the store, they apologized and promised to credit it in 7 days. So I paid my credit card bill but minused the second $100 charge.

MISTAKE. I should have contacted the credit card company also, not just the store. The store did not give me the credit for over 2 months, and I was charged $30 in interest the first month. Fortunately, Discover Card took off the charge, but I suddenly realized how much credit card companies can make in interest and fees. $30 for one month on a $100 balance due! That is unbelievable.

Suppose you are 1 cent short on paying your bill, you will be charged the interest on the full amount, not on the 1 cent balance due. And I thought I was an intelligent person. Thank you for your program.

Jane Taguchi
Los Angeles, CA

Dear FRONTLINE,

I watched your program, one of the very few times in years that I "watch TV." As a consumer lawyer filing cases under the Fair Credit Reporting Act, much of the show was familiar or expected, although rather well done.

The new issue you covered was credit card company's new "universal default" tactics of raising interest rates based on a person's late payment or other transgression that occurred with another completely different company.

A littel known and important fact to note is that this adverse action by the credit company triggers requirements under both the FCRA and Equal Credit Opportunity Act to provide notice to consumers that an adverse action was taken, to identify the credit report or information upon which the action was taken, and to advise of other consumer rights. I expect credit card companies are not meeting their notice obligations when taking adverse action via a "universal default." Such failures can be redressed by consumers through the FCRA and ECOA.

Options: I don't recall and wish your show would have pointed out that credit unions are generally much more favorable to consumers in terms of lower late fees and interest rates, and maybe even the arbitration clauses that plague most credit accounts tody, and thus are an attractive option.

Michael Worsham
Forest Hill, Maryland

Dear FRONTLINE,

Thanks for the Frontline report. A credit card with People's Bank that I've used for purchases for 15 years with no issues recently changed over to RBS. I've always had no issue paying on time (usually early). It seems that they shortened the time between when the statement arrives and the payment date because I almost missed the payment date of 11/05. However, I did put in a payment electronically via my banks web page on the evening of 11/03, so it should have been transmitted that day or on 11/04. However, it did not get posted by RBS until 11/09-six days later. Even though I've paid in full all along, I still got hit with a $40 late fee and $40 in interest. Odd-I never got a $40 un-fee for paying early all those years...

Overall, I'm fortunate in that I can choose to use another credit card (or non at all). I feel the way about credit that I feel about cable TV-it's a luxury (OK-except when you're renting a car). If you don't like the fees, feel free to turn it off. That being said, I would like some "cry uncle" legislation that would allow me as a consumer to say OK-I messed up-shut off my credit, but set me up on a reasonable payment schedule based on my income with an interest rate (maybe 5%-10%) that will let me pay off some principal and a grace period for payments before late fees are charged. Charging someone in trouble (regardless of the reason they got there) 30% interest and countless late fees will not help them pay off their debt and avoid bankruptcy.

Bob Berg
Kingston, NH

Dear FRONTLINE,

I am 71 engineer, have studied economics for 30 year, and my late wife was first woman bank vice in our town. Our spending - my wife, my son and me - bankrupted us. We were helpless to stop it.

Although your piece is great, it is philosopical nincompupory. Alan Greenspan and the big bank interest in the name of a consumer economy has so strongly pursued credit card spending that a large part of society is helpless. TV and drugs have controlled their mind and soul so much so that the only solution is to hit a brick wall. It is insidious. I got to laugh at the people you interviewed. It was a charade.

Above all we must realize we are dealing with an industry that it would set it mother on fire for a dollar and watch her burn for two dollars. There is not one honest investment banker on wall street.

President Andrew Jackson put on His tombstone: "I killed the bankers". And he did for a few years.

Lubbock, Tx

Dear FRONTLINE,

This report was an eye opening experience for me. I realized that I needed to pay off the balance I'd been carrying on my credit card for far too long. I was inspired to pay the balance off in full. It is a great feeling being one of those "deadbeats" the credit card companies hate.

Thank you.

Ellen Richards
Brooklyn, NY