Has anybody seen 'Maxed Out'
This is a documentary about the credit card establishment and has been out awhile, but I saw it on TV for the first time last night. Pretty jaw-dropping. Now I know not everything you see on the telly is 100% for real, but here are some of the things they said:
1. a credit card company with a policy of holding check payments untit they were late so the late fee was in effect and also the interest rate could zoom up.
2.People who are mentally incapacitated given unrequested, "pre-approved" credit cards. People who are illiterate and unable to understand the fine print being signed up with very high rates of interest.
3. Mass recruitment of college kids- "Just sign up and get a free T shirt"- one girl had only a 12 hour a week job and got 7 credit cards. When her debt eventually maxed out, she became despondent and hanged herself in her dorm.
4. MBCA - the top contributor to Bush's two presidential campaigns - pressuring him to end bankruptcy laws, so people who get into trouble will just have to pay forever until they die.
Oh, lots and lots more. It was pretty shocking. I think the worst thing is that it ended with the prediction that if our government is just getting more and more into debt and people are just getting more and more into debt, the inevitable result is a real mess with all kinds of political, social and even military consequences.