Maxed Out: Hard Times, Easy Credit - Documentary from 2006

[Minimus]

I just re-watched this and got pissed-off all over again.

The banks and financial institutions in this country are greedy bastards. Seeing Citibank, MBNA, Chase, Cap. One, etc. testify in front of the Senate Banking Comm. made me want to puke.

Seeing Bush sign the new bankruptcy bill in 2005 - written by MBNA - with that smirk on his face really made me want to throw something at my TV. God I am so glad he is no longer the president.

The stories of the people that killed themselves because of debt is heart breaking.

This documentary also shows the need for HEALTH INSURANCE REFORM.

A quote from the end of the documentary says it all so succinctly.

"The United States economy is like a poker game where the chips have become concentrated in fewer and fewer hands, and where the other fellows can staY in the game only by borrowing. When the credit runs out the game will stop."
- Marriner Eccles
Federal Reserve Chairman, 1931-1934


Sometimes I think it would be easier to just be one of those people that puts their head in the sand and doesn't give a shit about what is going on around them. I guess I'm just not wired that way and I guess that what makes me a Democrat.

[KansDem]

1. You made me think of this...

With so many Americans deep in debt and with lending at a standstill, what is the incentive of "staying current" with regard to credit-card debt? I mean, we pay monthly to maintain our credit so we might keep our credit scores up and therefore continue to charge, but now with no one lending, the credit pool is drying up.

Other than finding a decent apartment or a good job, why keep paying off credit cards if there's no more money to lend? What's the difference between a high and a low score if no one is lending?

[HillbillyBob]

2. As we did, long story short, after losing several jobs to outsourcing

and downsizing my partner and I moved several times so he could work to rentals we paid off all outstanding things that don't get paid with sudden repeated job loss.
We then had our rent raised on us, so we found an abandoned (walk away mortgagee) place that had been empty for 2 or 3 years.

The roof did not leak, we had to replace all of the appliances. We did that at a used appliance place and as they die off we save up and replace with a high efficiency model. It is hard to do with just cash we do have a 2 credit cards use them very sparingly. Mostly for farm equipment so we can grow food here, eventually turning it into a self powered farmstead. It is in need of a major rehab..in time.

It is worthwhile to try to find your own place, negotiate for the lowest rate and Do Not accept an Adjustable Rate Loan, and other creative financing. Be aware that the second smaller loan they sometimes offer to cover a portion of the down if you don't have it all will be a higher interest rate. We did do that, we had a down, but not enough and faced with a new landlord where we were renting who raised the rent. We could not pay the new amount.
We are better off, now and know how lucky we are, we have already been through this recession several years ago.

A lot of employers look at your credit score too.

[Doctor_J]

3. Great flick. Depressing though

Creditors are a very, very evil subculture.