In movie theatres across the US in recent days, audiences have been shown a short film on how to use credit cards wisely. The campaign by the Federal Reserve coincides with the frenzy of US year-end shopping activity that kicks off after the Thanksgiving holiday. First on the list: pay on time to avoid late fees. Other useful reminders followed, but the most vital advice – don’t use your card unless you know you can repay it soon – was lacking.
The recent focus on the hidden and outrageous fees on credit cards – details that were largely ignored during the credit boom – are a tidy analogy for the bigger problems that continue to hang over the financial system.
