Fame & Fortune: Filmmaker Danny Schechter New documentary fires a shot at credit card culture
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Bankrate: You are even so bold as to question whether financial education can solve this problem.

Schechter: You need that. You want to have people more conscious of all of this, obviously. But it in itself is not a panacea, not a solution, because a lot of people use their credit cards for necessities. Normal people are using charge cards to buy food, to buy basic necessities. But if you get into an adjustable-rate mortgage and suddenly it all starts going up, it's not your fault, but nevertheless you are exposed. Everybody is in a crunch figuring out how to pay their bills, and it's becoming harder and harder.

Bankrate: You also show how the war in Iraq is contributing to the erosion of financial security at home.

Schechter: We're paying for it in billions of dollars a day and people are not aware of it because it's not coming out of their pockets, or so they think. But if you look at the cutbacks in various social expenditures, it's having a very telling impact, on education and so many other aspects of American life. This is where financialization, the idea that the bottom line is the only law, is something that is a central belief in America but it also has consequences. Of course, television reporting on all of this would much rather stay with identity theft than the fines that were assessed on credit card companies. I really hope that we can break through the dense fog and get this issue out there.

Bankrate: How has making this film changed your life?

Schechter: I'm certainly a lot more conscious and trying to use my card a lot less. I'm certainly more aware of it, but I'm also aware of how seductive it is and how needed it is. You go to an airport for instance, how are you going to buy something? Or on the Internet? It's very insidious and it's very difficult to keep it (credit spending) down.

Bankrate: Why not just stop worrying and love the debt?

Schechter: No, there's a lot that can be done. I mean, when you have 29 percent interest rate that is almost immediate (on a credit card), that's worrisome. It's usury. This is a function of a bought government. Politicians are in the pay of these companies and we need to do something about that. I worked at ABC News and CNN. In broadcasting, there is a shorthand called KISS - keep it simple stupid. The real world, though, is complicated, and there are a lot of interest groups and factors. Making a film about information is unfashionable. People would rather have a good story about one person rather than financialization and institutions. Oprah, to her credit, has helped mainstream this issue. I'm trying to get her to see this film.