Thoroughly Disgusted

I just finished watching Maxed Out. I have to say that it disgusted me to see the way that people, including myself, are treated by credit card companies. Even the government is corrupted by them. The movie states that MBNA was George W. Bush’s largest campaign contributor. It also states that MBNA is the second largest bank in the US. To think, that our president, who was bought by a credit card company, signed a bankruptcy bill that made it harder for working class citizens to discharge unpayable debts…. It just disgusts me.

I mean, people are at their wits end. It showed the families of three debtors who thought there was no other way out than suicide. (There is another way out, please call for help if you feel that there is no other option.) This 57 year old woman was facing foreclosure on her home because her husband passed away and she could no longer afford the mortgage payments. Another woman, who cosigned on a loan for her daughter, was labeled as deceased (after her daughter died) and was subject to  being investigated by homeland security as a terrorist! I mean, COME ON PEOPLE!!!!!

We have the power to change this. We have the power to not be bound by these credit card companies. They are making their money off of us, low income people. (Yes, I fall into that category).

Don’t get me wrong, the documentary was great! It was well directed. I just am upset that the credit card industry would exploit consumers this way.


3 Responses to “Thoroughly Disgusted”

  1. tax settlement Says:

    Yes, it was very sad that the people in maxed out chose suicide as their way out but what really bothered me was the lack of discussion about personal responsibility. If you don’t have the money — cash — don’t buy it. If your life changes and you don’t have the money to keep paying for it, sell it. The biggest trap people fall into is the mis-charaterization of needs and wants. We all want a bigger house but do we need a bigger house? Probably not. Same with cars, clothes and other crap. All the financial gurus out there say one thing – save more, spend less; buy assets not liabilities and by a course of habit, you’ll achieve what you want. Solely blaming the credit card companies for people’s debts misses the mark.

  2. dreamy1 Says:

    I know very well about personal responsibility. So does my bankruptcy attorney. I filed in 2005 and have become stronger financially and responsibly since then. We can’t all be that way. the lenders to take advantage of weak personal restraint. For example, in the movie, the people with low interest government subsidized mortgages that got replaced with higher interest unsubsidized longer term mortgages from Citibank. How is that the fault of the debtor? Yes, we can preach about personal responsibility all we want, but until the lenders stop predatory lending, then it won’t stop.

  3. Krystal Says:

    I just finished watching that movie as well, and it certainly opened my eyes to how ruthless credit card companies are. It was a great documentary though!

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