Maxed Out

**Preston** · 08-19-2009, 01:09 PM

I just read Maxed out by scurlock and I gotta say I hate CC companies even more and I hate the Bush Administration even more for pushing the idea of the 'ownership society'

We didn't own anything under that plan.. just further into debt.

I am sick of the lies and irresponsibility.

on the brighter side, my congressman wrote back to me today. \\

**Greebo** · 08-19-2009, 01:28 PM

The problem isn't with the idea of an "Ownership society" when that means "that the welfare of individuals is directly related to their ability to control their own lives and wealth, rather than relying on government transfer payments".

The problem is when the Government is so deeply in bed with the Financial industry that the Financial industry is allowed to take advantage of people in the name of promoting self-reliance. But we've been deeply in bed with the Finance Industry since 1913 and that won't change anytime soon, I'm sure.

**Preston** · 08-19-2009, 01:44 PM

self-reliance=financial solvency=NO DEBT

**Dixie** · 08-19-2009, 03:05 PM

I hate myself for getting into debt. I've watched 'Maxed Out' several times and each time it just further inspires me to become debt free.

**Denvergirlie** · 08-19-2009, 07:44 PM

You know I've watched this movie several times.
I do not advocate for the CC companies, and some of the stories are sad... but for real... personal responsibility folks.
Don't get angry at the CC companies, take the personal responsibility and accept the blame, no one forced anyone to sign on the dotted line.

**Greebo** · 08-19-2009, 07:57 PM

Absolutely. 100%. There was a study conducted recently - and they determined that a majority of borrowers who lost their homes had owned them for quite some time and refinanced them - sometimes multiple times - putting themselves further and further in debt, until they were underwater when the market adjusted.

But we kept hearing about how it's all crooked lenders and dirty brokers...
http://blogs.wsj.com/developments/20...-refinancings/

**Sassyclass** · 08-19-2009, 08:07 PM

Although I don't agree with some of the underhanded tactics some cc companies use, they are within their rights to do so...read the fine print. Yes I agree, I have no one but myself to blame for any debt I have. What I hate more is the "poor me I'm the victim" our society seems to live by these days. Shame on us.

Cat

**Preston** · 08-19-2009, 09:01 PM

I saw the movie a long time ago but this is actually the book which goes into more detail and it really really pisses me off what some of these CC companies are getting away with.

**Dixie** · 08-19-2009, 11:03 PM

I didn't realize there was a book, I'll have to check it out of the library. I loved the movie.

**Palooka** · 08-19-2009, 11:24 PM

I've never heard of "Maxed Out" but I am going to check it out. Thanks for the info!

On the negative side, my husband got a statement in the mail today from his Sears credit card. It said his APR is going from 21.99% to 25.24% just for the fun of it.

He has a very small balance and I told him just to cut it up because we don't need it!

**Linus** · 08-19-2009, 11:52 PM

I just watched it online on my NetFlix. Good video. And shocking how the industry has become, for lack of a better description, legalized loan sharks. More of an impetus to finishing paying off credit cards.

**Preston** · 08-20-2009, 02:23 AM

There comes a point where a person can, in good faith, enter a credit agreement. It's all the legal loopholes they are able to pull before the people have a real mess on their hands. All for higher profits for those who are already well off.

We need to get rid of all the advertising that says 'debt is a good thing' or anything about your self esteem having to be validated by having plastic in your wallet, an expensive car in your driveway, while sitting in air conditioning watching the TV you just financed.

Why is there NO personal finance classes taught in public schools?

**kita** · 08-20-2009, 07:59 AM

There are personal finance classes. I made a younger friend take one. They taught her that she needs one credit card to establish credit and didn't teach her to stay away from student loans as much as possible...sigh.

**Lindsey** · 08-20-2009, 01:13 PM

Originally Posted by Preston

There comes a point where a person can, in good faith, enter a credit agreement. It's all the legal loopholes they are able to pull before the people have a real mess on their hands. All for higher profits for those who are already well off.

We need to get rid of all the advertising that says 'debt is a good thing' or anything about your self esteem having to be validated by having plastic in your wallet, an expensive car in your driveway, while sitting in air conditioning watching the TV you just financed.

Why is there NO personal finance classes taught in public schools?

Why is it the governments job to teach us common cense? What happened to PARENTS raising their children... Could you imagine what our society would be with the government teaching finance classes when they themselves are deeply in debt?