If you’re still confused, as I was, about what exactly led to the failure of just about everything financial, here’s a video made by a Senior Editor at Marketplace, explaining what happened with a clever metaphor:
Smithee formerly lived primarily on credit cards and the good will of his friends. He is a newbie to personal finance but quickly learning from his past mistakes.
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Anonymous: Passing the cost of credit card fees to consumers is nothing new in businesses. If you are buying big items and want a discount, tell the merchant... on Credit Card Fair Fee Act of 2009
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{ 2 comments… read them below or add one }
wow..I read about this but this video makes it understandable….thanks for posting
Very clever way of explaining an otherwise very complicated process. Thanks!