Horror Story-time: Networks Bash Credit Cards

March 8th, 2007 5:32 PM

NBC had some "horror stories" to share with its audience on March 7, according to "Nightly News" anchor Campbell Brown. Brown introduced the report by Lisa Myers that told the story of Wesley Wannemacher, a man who's $3,200 credit card debt ballooned to $10,700 after interest and penalties.

Wannemacher's plight also featured prominently in similar segments on ABC "World News with Charles Gibson" and CBS "Evening News" for the same day. [continued after jump]

“Every time the phone would ring it gets hard to breathe and you’re not sure whether you should even answer it or not,” said Wannemacher in his testimony.

CBS “Evening News” reporter Sharyl Attkisson called Wannemacher a “vivid example of how quickly credit card debt can spiral out of control.”

Attkisson’s CBS report was the only segment that brought up personal responsibility in credit card use. Bob Rolls charged $5,000 on a home improvement credit card, but when that happened he was notified that his Bank of America interest rate would go up to 27.99 percent. Rolls told CBS, “I said ‘to 27.99 percent? Forget it. I’m closing this account.’”