It’s already being prophesized that the next financial meltdown wave will be focused on credit card debt.
The abuse of credit cards by both lenders and borrowers has been well documented for awhile. Since most of the population blindly racks up credit card debt with little awareness around the pitfalls of being on the giving end of compound interest, I had to add a post on Maxed Out.
It’s a blessing that someone made a documentary explaining the predatory lending practices executed by some of the biggest names in banking. I highly recommend renting this film as well as reading Dave Ramsey’s Total Money Makeover book, taking Dave’s Financial Peace University course (The cost is almost nothing and it’s invaluable) along with listening to Dave’s daily radio show either online, on terrestrial radio or watching it on cable TV. Dave is one the people interviewed in the film and diving into his advice is your next step after watching the movie.
If I could change one thing in my financial life it would have been to have learned about Dave Ramsey sooner in life. The only thing that could have come close would have been to have someone else explain how to handle money as simply and effectively as he does. When I saw Dave Ramsey on 60 minutes a few years ago and read Total Money Makeover it changed my financial habits for the better and forever. You can’t put a price on financial peace and it only costs a little time and focus to make it happen.
So, back to Maxed Out. Here’s the skinny on what it’s about:
Maxed Out takes viewers on a journey deep inside the American style of debt, where things seem fine as long as the minimum monthly payment arrives on time. With coverage that spans from small American towns all the way to the White House, the film shows how the modern financial industry really works, explains the true definition of “preferred customer” and tells us why the poor are getting poorer while the rich keep getting richer. Hilarious, shocking and incisive, Maxed Out paints a picture of a national nightmare which is all too real for most of us. Great for college students.