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- never received product
I never received this product although I waited ample time allowing for holiday mail. Since there is no phone number to contact a customer rep and no easy way to e-mail, I have asked my credit card provider to charge back the fee and they agreed. You are entirely too difficult to reach. I mentioned the fact that I had not received this product when I rated the other dvd I ordered at the same time and I tried an e-mail address and reported that I had not received the dvd but no one has ever contacted me. I will think long and hard before I order anything through Amazon again because it is too difficult to contact customer service. Consider me an very dissatisfied customer....more info
Debt, particularly credit card debt, is the modern version of sharecropping, which replaced slavery. The beauty of sharecropping, from the landowner's point of view, was that labor was much cheaper. Slaves had to be housed and fed; sharecroppers didn't. And with sharecropping, white people could be owned as well as black people.
The best kind of slavery, again from the "slaveholder's' point of view is invisible slavery. The "slaves" don't even know they are slaves, therefore they don't rebel.
The slick marketers of debt, like predators in nature, prey on the most vulnerable; the young, the old, the unsophisticated, and the desperate. It is a conspiracy between the debt marketers, the government, and the colleges and universities. The American school system does not teach the dangers of debt, or how to avoid the trap.
Buy "Maxed Out" in both forms: book and video. And share them....more info
- Missed Out ....
Thought-provoking, scary but yet ....
You don't need to be an apologist for the financial industry to see this as a less than even-handed treatment of the credit issue. The glaring omission is any aspect of personal responsibility on the part of those who run up big credit card debt. Yes, there is predatory lending. But does anyone put a gun to the consumer's head and force them to borrow to or "max out" their credit cards?
"Maxed Out" feeds on the victim mentality so prevalent in arguing that THEY are responsible.
Fast food companies are responsible for making us fat.
Cigarette companies are responsible for us choosing to smoke.
Everyone else is the villain and I'm just the victim.
I'm not responsible.
Sorry, I for one am not buying it.... Even on credit.
For that reason, "Maxed Out" misses out.
This really could have been some interesting subject matter, but it doesn't show both sides of the story. Somehow, personal responsibility does not find it's way into the story. Oddly, these credit cards seem to take on a life of their own...and their owners have nothing to do with the debt they accrue and then refuse to pay.
Funnier still is that somehow George Bush is personally responsible for all this. Imagine that.
I agree that big credit card companies are out to get people with fees, and that more government regulation is definately needed (like raising the minimum amount due even more so that people actually pay down their debt), but all this "documentary" shows you are a few sad cases carefully edited in while Republicans speak in Congress. They avoid the millions of people that run out and buy flat screen TVs, fancy furniture, and new rims for their cars, and then simply refuse to pay....more info
- Keep A Copy On Hand
This is an important documentary. Everyone should keep a copy of this movie on hand to show to friends or family when the topic of debt comes up. Most people think debt and credit cards are not dangerous if you are responsible with them. What they don't realize is that they are traps that are designed to catch even the most responsible of borrowers in a growing spiral until they lose the battle. Even people who pay off their credit card balances each month should pay attention. The contracts on these agreements amount to slavery covenants. One slip up and you're in it deep.The Total Money Makeover: A Proven Plan for Financial Fitness is a book I'd recommend to fight the need to use debt as a financial planning tool....more info
- A must see movie for every consumer!
I've been teaching financial literacy and homeownership education for over 20 years now. Consumer finance has never been more complicated, and as this movie emphasizes, companies that extend credit are setting us up to fail. Their advertising would lead you to believe they care about their customers, but as another reviewer stated, they are in it only to make money--as much as possible--no matter the cost to the consumer. Although I didn't learn anything that I didn't already know, except perhaps the extent of the lobbying done by these companies, this film was very well done and made its point eloquently. The more information we have, the better able we are to make wise financial decisions--this movie is an important source of information and insight into an industry that pretends to be our friend--reminds me of the Spider and the Fly. Buy it, watch it, and pass it to others to watch....more info
- Biased to the far left
This movie is so biased to the hard left it left me stunned. It makes no mention of personal responsibility. All personal stories are portrayed as victims. Stunning. There are no laws to prevent stupidity. All persons protrayed were of legal age, few acted like adults. Watch at your own risk....more info
- EZ Credit . . .A way out or a trap for life?
If you think that this can't happen to you, you haven't experienced any of life's little surprises that leave you flat on your back, looking up for some glimmer of hope. Credit offers a way to defer the pain and reality . . . usually until it is too late to recover. This video points out that if you are making minimal payments on multiple credit cards, you may already be approaching your personal credit crisis. Check out that minimum payment breakdown. How much goes to paying off the original debt and how much to interest and penalties? Think you are okay because you still get offers for new credit cards? I just got an excellent credit card offer for my brother who died in 1999. The video points out that people in serious credit card debt are the "suckers" that the credit card companies are looking for. They don't want the people who pay their bills. There is no money (penalties, interest) to be made there. Buy this video and share it with your family and friends who carry credit cards. Some people don't actually know the basic credit realities pointed out in the video....more info
- Maxed Out
1. Dee Hock believed the organization he created, Visa International would save the world by "allowing spontaneous interconnection into an equitable, enduring, twenty-first-century society in harmony with the human spirit and biosphere". The credit card has shackled individuals, imposed uniformity, destroyed value at an unprecedented rate, and, so far at least, has replaced neither the pound, the yen, nor the dollar. "Hock's company has arguably been the most powerful force behind a massive redistribution of wealth that has left this country less equal than at any time since the Great depression. Hock sought to save the planet from a rigid, hierarchical, oppressive, and bureaucratic organization.
2. Hock worked his way into a job with Seafirst Bank in Seattle, Washington. Seafirst become a licensee of the BankAmericard, the first bank-issued credit card, a job no one wanted. Consumer credit was left to the loan sharks and pawnbrokers. "In Hock's eyes, Bank of America was not just bigness but management charts, uniform standards, titles, stupidity." The BankAmericard licensees were losing vast sums of money to credit card fraud and primitive technology and manual accounting practices. Shareholders want the problems fixed. In response to pressure, Hock reacted by creating an advisory committee (of bank members) called the Visa International which would become the most ubiquitous organization in the history of capitalism. The idea was to issue credit cards quickly, Visa would exist not for profit and exist to create a world of tangible currency replacing paper money with trillions of electronic transactions moving through the mainframe. "Visa would become the ultimate store of value" In practice it has become nothing more than a massive marketing campaign and an electronic swich that routed money from the bank of the payer to the bank of the payee. Hock remain dedicated to technology that would allow small transaction on a grand scale, hoping someday that this technology would empower the masses and give them freedom. Freedom to no longer be forced to interact with nosy, judgmental bankers! Credit cards had created a new currency and a new money supply. The bankers knew Credit cards was about selling a single product, debt.
3. Banks were in the practice of borrowing money from individuals and lend that money to corporations. Consumer lending was not consider profitable because the small loans were time-consuming and the applicants financial situations poor and probable that they would be unable to repay the loans. Consumer credit speculation and poor lending practices had caused massive bank failures in the 1920 and 1930s. Extending credit to credit poor borrowers was "a noose with which to hang himself financially" and generally considered to be an immoral practice. Banks knew that if you give a consumer credit they will probably use it. Banks learned this lesson, in the 1920, when American had overextended themselves buying products of the industrial revolution on credit.
4. Credit cards demand is a function of the supply of available credit. The more credit the bank supplies the more demand are created. The more people begin to depend on credit the more they need to keep accumulating credit, higher and higher credit limits; new credit to payoff old credit; mountains of credit. No other product creates this type of cycle. Credit card is the only product that its price changes: the charge, penalty fees, interest - combine to create a new price for the product or service - terms and conditions change. The Visa has become a natural monopoly.
5. Walter Wriston, Citigroup Center guru, was the "first modern banker to realize that his job was not to teach customers how to save but how to spend as much as possible." In 1970s, Wriston was promising shareholders 15 percent annual increases in profits-just before a perfect economic storm of inflation, war, and technology bust ravaged the economy. Wriston believed countries can't go broke. Wriston was financing less-developed countries old debt replacing it with new debt, the reverse pyramid scheme. Larger and larger liabilities were being piled on top of the original debt. "Eventually the amount of new cash needed to service the old debt and new debt becomes too burdensome and the whole thing collapses beneath its weight. The only exception is where the player prints the currency with which the game is played, which makes the United States government unique among debtors." Wriston set out to conquer the middle class with Credit card debt and interest fees. "There was something seductive-addictive, even-about instant credit." "Wriston meanwhile, laid out his own vison of the promise land-a land in which millions of customers charged all of their purchases to a Citibank credit card and paid high, unregulated interest rates and fees for privilege." Millions of BankAmericard customers were sent letters explaining that their new visa card would soon be arriving: visa logo and name of bank on the front of the card. Wriston sensed opportunity, signed up to be a Visa bank, and sent out millions of Citibank Visa cards to his competitors customers before the replacement cards from their own banks arrived. Wriston preempted his competitors by a couple of weeks and they never recovered. When it came to easy credit, the average customer was lazy and lovestruck.
6. "In 1996, Americans charged a record $1 trillion on the Visa cards." In 2004, with foreclosures, bankrupticies, and defaults all at higher levels than during the Great Depression, President Bush awarded Wriston the Presidential Medal of Freedom."
7. Mortgage related bonds are the heavy weight of debt financing, weighting in at $6.5 trillion. The contenders are Corporate bonds, $5.4 trillion, US treasuries, $4.3 trillion, and Munical bonds at $2.4 trillion.
8. The Subprime meltdown gave people what they wanted, homeownership. 70% of American's buy homes, 15% are deliquent, and 1 in 5 are expected to be diliquent. The blame for the rising number of foreclosures is poor loaning practices which extends credit to high risk buyers. Additionally, the adjustable rates after two years have power slammed the homeowner with a mortgage payment exceeding of their percent income they can afford. The unsound loaning practices will have the affect of tighting up the loan practice laws, more legislation laws protecting against poor loan practices, more tax based agencies to regulate loans and punish the banks for violations of regulation. The subprime meltdown starts with the loan origination which is sold to wall street investment banks, who pool the loans together into a mortgage backed security bond, Investors buy the bond and the mortgage payments pay dividends to the investor in terms of yield. Safe bonds pay low returns and high risk bonds pay higher rates and this is called securization. The carnage from the adjustable rate suggests more buyers are investing short term ownership of their homes.
1. Mortgage companies are scrambling to work out deals for subprime borrowers to stay in their homes. However, Investors are fighting loan modifications because they are not in their best interest fearing Mortgage companies will give out to many, the loan modifications will go too dead beat borrowers with a high probablity of being late again in a reoccurring pattern, and a strong level of doubt that many of the subprime borrowers merit a rescue plan. 2. Lenders usually end up losing money on a foreclosure. 15% of the sub prime borrowers are 60 days late on payments. The practice of no money down on loans extended credit too borrowers with weak credit. The loan modifications include reducing the interest rate or stretching out terms. Two elements have moved against home owners: a. dropping house prices is causing an emerging buyers market b. too much credit is forcing home owners to fall behind on payments. (lenders want borrowers to keep up with their payments - run faster is the charge) 3. Different classes of investors have different interests. Holders of the highest ratings are first to collect payments on interest based on risk. The bond structure is such that there is cash flow for obligations to the investor and leaving a cushion for defaults. If after three years of good performance the cushion may be reduced. In some cases the cash goes first to the lower rate security investors and the high risk rates investors are last to get a payment. In this case loan mods benefit the low risk investor and boosting the credit ratings. The high risk investors want the residuals to be stockpiled as insurance against defaults, so they don't lose out on profits for their payments.
10. The Subprime crisis will require billions of dollars in bailouts to stablize. Up to 1.5 million additional US homeowners may lose their homes to foreclosure. CDO collaterial is heavily backed by RMBS. ARM rates are due to adjust causing a new wave of foreclosures. Lender liquidity is expected to dry up. The subprime mortgage market is a trillion dollar business. Hedge funds are among the big losers in the Subprime sector. The subprime crisis will have an impact on the broader markets and economy.
- put it on plastic....
'Maxed Out' is an excellent expose` about the credit industry. This movie will make you think twice about signing up for a credit card...or using one for that matter.
From the slimy tactics of the collection agency workers to the heartbreaking tales of desperate college kids committing suicide after they charged untold thousands on credit cards handed out willy-nilly on their campuses, this movie will make you angry, it will make you cry, it will make you think!
One sublime moment occurs halfway through when a pawn shop owner declares that they are losing money to cash advance / check cashing stores like Cash America and that sometimes he, too, must borrow money from Wells Fargo when times get tight. Then the producer clues him in that Wells Fargo owns the very cash advance company that is taking his business! The irony is delicious.
I intend for my children to watch this movie when they get old enough to understand money. In fact, I think this should be required viewing in every civics, social studies or business class from junior high on up. I wish this movie were available when I was first starting out on my own...it would have saved me a lot of heartache. [...]...more info
- Educate yourself and your children
A great video to watch with teens/young adults to illustrate that life without debt is much more enjoyable than life with lots of stuff and the debt goes with having it all right now. Although the film shows some of the underhanded tricks of the lending institutions involved and tends to lay the blame there, the real crux of the problem is ignorance on the part of the consumer. Don't borrow unless you have a firm plan to pay it back....more info
- Worthy, but possibly skewed
I was compelled to view this documentary when I heard about it, and I'm glad I did. It is a jarring examination of the credit industry that I believe everyone (especially those who have ever used credit) should watch. Having experienced the negative aspects of credit industry practices, I feel like this movie's message is on target and desperately needed in our country.
Even though I mostly agree with what this film has to say, its point is made mostly anecdotally. There are many experts interviewed on the one side I'll call "anti-credit," but not enough on the other side to make this presentation balanced and fair. There is a clip of Jerry Falwell that appears to be apropos of nothing except perhaps political motivation.
I would give Maxed Out four stars for emotional impact, but must detract a star for the one-sidedness....more info
- Let the Buyer Beware
It's a good message for the first half when it's expressing a cautionary tale on irresponsible borrowing. But the second half sorta derailed when it became a hit piece on Bush somehow being the brainiac [which no one has accused him of ever being a brainiac] that is forcing people underwater on easy/expensive credit. That doesn't fly, freedom means you are on your own. You are free to refuse credit... and I wish you would because the exuberant amount of fiat money in the system inflates all pricing for everyone, even for those who are financially responsible. This filmmaker obviously went to the propaganda film school of Michael Moore. The formula is simple, show half the story, emphasizing one side for effect. It's a disservice.
For instance, the 'filmmaker' heavily glosses over the majority of borrowers that game the system for every drop they can, default to chapter 11, and walk away scot free. And then he devolves into advocating socialized medicine and the iraq war. Not really the point of the movie. I suppose he could have brought it back around by talking about leftist agendas of forgiven foreign debt to developing nations... which also induces the moral hazard and keeps them impoverished. That wouldn't fit in with his template of course....more info
this movie is very good and will show you many of the truths behind the way credit companies work.I wish every one would watch this movie and then get all of their friends and family to watch it as well....more info
- Highly Informative
One of the best documentaries I have ever seen, I thought it was very well done. No matter how much you think you know about your finances, if you're keeping a running balance on your credit cards you are slowly enshackleing yourself in chains. This documentary will have you thinking twice before you put your signature on anything that may enslave you in the future. It runs the gamut on pawn shops, predatory housing lenders, payday loan companies, and credit card companies. If you think the government will help you or doesn't play a role in any of this, it will have you thinking again. It's a wealth of information. The less money you have, the more important this documentary will be. I don't know how this film didn't get more exposure. It's something that should be viewed by all Americans old enough to apply for credit....more info
- Some merit but mostly propaganda
At one point, this film uses old footage from a 50's documentary on credit in which the narrator lists "character" as an essential characteristic for the responsible credit holder.
One can only imagine that the film's creator is lampooning this idea as old fashioned, since nowhere in this production is there a hint that personal irresponsibility has played a role in the downfall of all the "victims" depicted herein.
Not that the predatory lending the film details hasn't transformed the financial landscape of middle class America in the last 40 years--it certainly has--to its immense detriment. And the sham piety of credit card company reps testifying before Congress is more than a little sickening.
Certainly one can shake one's head at the misfortune associated with college student's being given credit, for which they are neither psychologically nor fiscally prepared.
But what are we to make of a middle aged woman, living in a large exurban subdivision home, who elected to pay her mortgage payments with credit upon the death of her husband? Nowhere is the question posed, (nor evidently entertained at the time) as to whether it was time to downsize into a domicile consonant with her income. Maybe she had ample reasons for doing what she did, fully justifiable reasons, but these we never learn...
This genuinely heart rending example, and a tragedy involving another woman--this time, a suicide resulting from a gambling addiction, inevitably recall the "character" issues raised in this movie's spoofy use of the old 50's film clip.
Then there's the lady professor from Harvard who assures us throughout that the country has been forced to embrace credit card debt in order to survive--prices being what they are today. (This attestation coming moments after witnessing the construction of a Las Vegas home with two (count em) washing machines and dryers is vaguely disconcerting.) Not that inflation is the only culprit. Oh no, for this we need to wait for the closing reels, in order to view the villain, (or villains) behind the curtain.
And then, of course, we find out who the real crooks are, (besides the credit card companies). You guessed it! President Bush, (both of them), and the late President Ronald Reagan. And Michael Moore isn't even listed in the credits ! (Predictably, "Katrina" is also shoehorned into the narrative for good measure.) One wonders why the film's blame doesn't extend to LBJ since Bank AmericaCard was introduced during his Administration.
If we are honest, we can certainly emphasize and recognize our collective weaknesses and tendencies to greed in each and all of the people the film depicts. And no small number of us probably shake our heads and say, "There but for the grace of God go I." But spending money you don't possess still has moral connotations--and unfortunately for this movie's audience, personal ethics have no place in the propagandistic world of commercialized victim hood.
In any case, the book is much better than the movie.
- Maxed Out
This is an excellent film! I am a professor of history at a small college in North Texas and I show it to my students as an extra-credit assignment. Many of them are shocked after they watch it. I find it to be an indispensible learning tool concerning the dangers of credit, not only for myself, but also for anyone who wants to learn more about the financial world in general. ...more info
- A Must See To EVERYONE!
Whether you are a student, unemployed, homeless, or a multi millionare, if you still have a pulse, you need to see this movie. This movie should be a requirement for high school graduation. I believe if it gets through at least 1% of the high school graduation class, then it would make a tremendous impact on a person's life. I try to show this movie to as many people as possible. ...more info
- Sign of the times...
They forgot a quite significant definition:
Main Entry: reˇ¤sponˇ¤siˇ¤ble
Etymology: Anglo-French responsable, from respuns
1 a : liable to be called on to answer b (1) : liable to be called to account as the primary cause, motive, or agent (2) : being the cause or explanation c : liable to legal review or in case of fault to penalties
2 a : able to answer for one's conduct and obligations : TRUSTWORTHY b : able to choose for oneself between right and wrong
3 : marked by or involving responsibility or accountability
Man, it's just so easy to blame everything on someone else these days, e.g fast food for being fat, big tobacco for cancer, blaming banks for uncontrolled spending. Jeeez.
I can just about guarantee if "these poor people were given a second chance with bankruptcy being an option" 85% would end up in the same damn boat all over again.
- Not suited for education
I purchased this video for a high school business class. I did not appreciate the "F-Word" dropped by one clip of a stand up comedian. The video had some good parts, but was way to slow in developing ideas. I've already thrown it away. D. Simpson, WYO...more info
- Movie failed to turn the corner on the debt problem
Full disclosure: My family and I are fans of, and practioners of, Dave Ramsey's The Financial Peace Planner: A step-by step guide to restoring your family's financial health. As people who have used his guidance to successfully get out of debt, we were expecting a lot from this movie because he's in it and he endorsed it.
Yes, it is tragic that credit card companies take advantage of people and this movie clearly spells out how and why they do it. However, the film failed to turn the corner on the other part of the debt problem--people who just buy too much STUFF they can't afford.
The most heartbreaking story in the film, in my opinion, was the 50+ year-old woman who was losing her home due to debt caused by paycheck loan overuse and the unexpected death of her spouse. Her home appeared to be filled virtually from top to bottom with expensive collector plates, which she had to sell off one by one to get cash.
And what was the 40-year-old developmentally disabled man doing with a credit card if he couldn't even sign his name? Who was using the credit card on his 'behalf?' What were they buying?
I wish the movie had focused more on how a credit score is developed--people wouldn't be so anxious to have a high credit score if they knew what goes into the calculations. It was also enlightening to learn how college campus areas are a breeding ground for student credit card debt.
Other reviewers have commented on the political nature of the movie and I agree: Blaming George Bush because you can't continue to bankrupt yourself away from your credit card debt is wrong. Blame the credit card companies for your high interest rate and fees if you want, but the only person who can solve your debt problem is YOU.
At the end, the movie even managed to get Dave Ramsey to look like a hypocrite--his debt-elimination message is vitally important for people to hear, but at the end, they included a shot of him doing an advertisement for an expensive mattress. (If you're in debt, the last thing you need to buy is a $3,000 mattress!) Yes, I know he needs to do his advertising spots for his radio program, but it just left a bad taste in my mouth because it seemed deliberately included to undercut his message of personal responsibility. ...more info
- Great start that loses its way
The first half of Maxed Out should be required viewing for anyone thinking about getting a credit card for themselves (or especially for their children). Viewers are presented with sobering stats about predatory lending practices, mafia-like interest rates and the unspoken desire of banks to see their clients "get behind" and tread water by paying the minimum payments for years or even decades.
The film takes the noble and tough love approach by showing the mistakes made by people who find themselves in credit card debt and the blissfully ignorant attitude many pay to skyrocketing interest payments and compounding late fees. For irresponsible people with bad credit, a $50 purchase on a credit card will likely turn into $200 by the time it is no longer on their balance. By not making responsible choices, people throw away thousands of dollars each year, and greedy bankers get richer and richer.
I was halfway through watching Maxed Out when I thought it was one of the most important documentaries I had ever seen...and then it falls apart. Like all documentaries these days, George W. Bush had to make an appearance as the creator of everything bad in the world, as the man personally responsible for everything that has gone wrong for the last eight years. The film provides far-reaching ideas about how Bush's relationship with bankers and his desire to pass tougher bankruptcy laws somehow causes people to go to Best Buy and purchase $5,000 plasma televisions they can't afford.
Sadly, the filmmakers lose focus on the real story: that people make poor choices to get into bad situations. All of the check-cashing stores and pre-approved credit card offers won't make a responsible person do the wrong thing. Presenting irresponsible people as victims of "the man" is a disservice to a country currently being strangled by financially irresponsibility.
- Another great documentary with no solutions
Information is knowledge. When it is revealed to the public many of the corporate practices, many of us get it. We can no longer make bad choices without referring back to our conscious that reminds us "we were warned". I would only hope that one day we get smart people to do documentaries in Part 1 of 2 and followed by a Part 2 for a solution....more info
- Everyone Should Watch This
I heard a lot about this documentary but watching it was a real eye opener on the credit card industry. Great work...more info
- The truth be told on the credit card sharks!
Great documentary that will educate anyone just beginning to start life after college, or even those whom find themselves in middle age, wondering 'what the heck happened to my finances?'
This film reminded me a little of Michael Moore type documentary expose', however with the people or debtors being the narrators. At times though, I felt a teeny weeny, like this has been done before, maybe with other documentaries, not as original as I would have liked it. Also just another side point, I wish the written commentaries were in bolder print/font, so I could read it without squinting. But that could have been my own fault.
HOWEVER.....Good for you for exposing the horrific credit card system, and having the kindness of heart to let us know what we are in for if not careful! You have done such a wonderful public service in this film! I sure wish I could have seen this when I was younger and starting out. I would have been soooo much more careful with my choices. Good for you! Keeping us all informed is what film making should be about! Highly recommened. Actually should be required for high school students, so they can prepare themselves for what is ahead....more info
- Mish mash of some decent info w/a lot of emotional personal stories
Quick review of What I remember about the main part of this film:
It's disgusting people are so shallow & have so little self esteem they feel the need to have a house so big that they need an elevator & two sets of washers & dryers & are willing to go into debt just to try to make themselves feel superior to others.
You're family's share of the National Debt is 90,000
Bankruptcy bill was written by MBNA
Suze Orman has a deal with FICO's parent company
Credit reports are 50-90% inaccurate & have nothing to do with your income.
Collection agencies can call your neighbors or anyone to hassle, embarrass you.
There are no laws to protect your financial privacy.
People today compared to years ago actually have less money to pay for necessities.
Since Regan, the government has took billions from the Social Security & Pension to pay the national debt just to pay their interest payments.
Credit Card companies offered credit report kiosks to police stations so people can access them for anyone at any time... in return for ALL information police have on people.
An older wife/mother ran away & probably killed herself rather then let her family find out she had a secret gambling problem & hundreds of bills & that their house may be taken away.
Two young college students committed suicide when they felt their credit card debt was too high to climb out of & their parents still get credit card offers saying they want "you back".
The gov't spends more on interest payments on it's debt then on homeland security, education & health care combined.
People collect way too many expensive silly material things like plates instead of something constructive in life & willing to go into bankruptcy to do it.
Credit debt is on average $1 true principle debt & $2 in fees.
Comedian joked he only had $20 in his bank account & since so low, bank took $15 in fees.
Robin Leach says his old show "Lifestyles of the Rich & Famous" is just a fantasy for those who have little money. No one would watch "Lifestyles of the poor & unknown"
Clinton's AmEx card was even rejected.
The idea of this film is great, but there should have been more info about how the credit fees & small print works & less time spent on emotional stories that you learn nothing from, especially ones about people who have a gambling debt or just buy way too much & collect silly things like over 500 collector plates. The emotional stories about people who live modestly & yet were persuaded to take out a loan by banks should have been expanded more with learning info of what NOT to do. The movie was a bit slow & boring for me. If they wanted to make this info more interesting & better for ADHD people, they should take advice from "The Standard Deviants"
What is in your credit report:
Judges, congressmen, actors... anyone deemed "important" in public eye, people who can cause trouble for credit card companies politically, PR or financially, their credit reports are "specially handled" so that their credit reports are always 100% accurate, cleaned up & are not negatively impacted in any way unlike average person.
25-45% errors on credit report are enough to cause a credit denial. Credit & collection agencies will link reports that shouldn't be, will put spousal or relative's info that shouldn't be on there & even change the date of last activity so that though it's been 7 years & you are no longer responsible for that debt, changing that date extends it another 7 years.
Americans For Fairness in Lending - AFFIL org for more information about credit card practices, small print, etc. information run by consumer advocates, etc. ...more info
- Emotional, but lacks information
I found some very interesting parts to this movie, unfortunately I felt it just lacked enough hard information. I'd liked to have seen how, generally, the system works and what are it's major problems. Instead, they danced around this and only partially explained FICO, political influence, and hardly even touched the nation's debt and its consequences.
But still, there was enough in the movie to make it worth the watch. ...more info