'Maxed Out': American Debt and Credit Cards

[sabrinamari]

"Maxed out" is an unbelievably brilliant expose of American debt and the credit card industry in the tradition of Michael Moore. If you have a credit card, check it out and be afraid...be *very* afraid.

It runs for 87 minutes. You will be gripped as you watch people show you what credit cards have done to their lives. You may be horrified at the shameless tactics credit card companies regularly employ. But I promise that it will leave you empowered and better able to deal with them, and with your financial life.

You can either rent it or watch it anytime online here:

http://video.google.com/videoplay?docid=-4840432044369494646

NOTE: Dave Ramsey shows up briefly about 6 minutes in. He's the guy who says,"I've been there, done that and gone bankrupt...I've done stupid with zeros on the end of it!"

and about the impact of financial stress on relationships: "Sharon and I held on, but sometimes it was just to get a better grip!" [making punching gestures].

Comments

[sidhne.livejournal.com]

Motivated by your recent posts on this topic, I recently took out a home equity line of credit at a much lower rate and paid off all my credit cards. It cut my payments in half and I only have to worry about one payment a month instead of three! Thank you for these posts!

[sabrinamari.livejournal.com]

This is great news! I'm delighted that you have a leg up on paying off your debt, and happy to have helped a little. Go you!

[deboranter.livejournal.com]

Thank you! I watched it all the way through to the end. Once again, thank you so much for continuing to bring financial advice and knowledge to this community. You are teh awesome!

[sabrinamari.livejournal.com]

Thanks, honey. I appreciate your good feedback so much!

Normally

[warning-dca.livejournal.com]

I avoid movies that employ scare tactics and half truths to make a buck (read:Micheal Moore, the numbers and facts he deliberately ignores and skews - well, lets just say that he has a Doctorate in BS that 10 cents in library fees would expose to a very lazy public)

However, I'm intrigued to see what someone would say on the credit card matter. I doubt I will be changed much from my current stance which is that it is not credit cards that ruin peoples lives - but people who use credit cards irresponsibly - without reading the fine print or keeping track of the expenses to live below their means that end up in the crap house. I will support any film that inspires people to wake up, pay attention, and get their lives in order. Always a good thing.

An amendment

[warning-dca.livejournal.com]

I was focusing more on upper-middle class issues.

There is no doubt that big banks screw the people and pull ethical atrocities - no doubt what soever.

There's a section of the film I wish more people would pay attention to - and that is the part with the Federal Reserve Governor

People don't realize this, but the Federal Reserve is not actually Federally OWNED and OPERATED - it is actually the Bank the the US government has contracted\made an account through - they have one hell of a monopoly on ALL the nation, and our international affairs. They determine the size of our national debt, and are responsible for setting the interest rate of the national debt.

That's why the governor was so cryptic in his response - he doesn't have to share anything with the government, that's how the FR holds power.

Every government project to help the poor people - lines the pockets of the Federal Reserve bankers - because it's all done with a big fat credit card style transaction. You want healthcare reform - guess where the money comes from. Pausing and looking at the large scale with the same eyes that you stared at the small scale there can be no doubt in anyones mind that the slavery does not start at the bottom, but at the top tier of this nations economic scale. Look no further than the Federal Reserve.

[sequoiamanoch.livejournal.com]

That was pretty depressing. Now what?

[sabrinamari.livejournal.com]

I can tell you what I did. I began exploring my relationship with credit cards, taking careful notice of when I used them, how I used them and why. I looked at how much I put on them each month. I got a better sense of which credit card tactics were most likely to affect me, and ended up consciously creating a new credit card use and payment policy for myself.

Maxed Out!

[(Anonymous)]

I have seen the movie a few days ago. Working in the industry I hear these stories daily you almost become immune to them. After watching it really reset my view on most debtors. There still is that 25 year old playing video games in his parents basement not paying his bills. Then there is someone that really needs help and education on the matter at hand.

Re: Maxed Out!

[sabrinamari.livejournal.com]

Yes---both exist. Even that 25 year old needs some help understanding what he is doing and what the consequences are. Lots of folks just don't have the basic education in finance management to understand what they are doing, or how to change.

Thanks for checking out the video!