Credit Card Debt Documentary

I'm told Dave Ramsey is in it. I've not seen it. America has a very real debt problem so this movie interests me.

Credit card companies are partly to blame. They have VERY shady practices. They will do everything they are legally able to do to extract every dollar out of you. That being said, people are idiots with their credit cards. People in general have no idea how to use them and get THEMSELVES in trouble. It is a 2 way street, it is just easier for people to blame the credit card companies instead of themselves.

2007-03-12 13:24:49 by OFG30

Elizabeth Warren, who was assigned to the bailout Congressional Oversight Panel in November '08, explains how Americans have sunk themselves ...

I have no debt on any of the 3 credit cards and I have no use for them so I wanted to cancel them and open just one card, basically centralizing my credit cards. But when asking if it would hurt my credit score, I get two answers that it will and it won't. I read a documentary written by a credit expert and she explained if you have 4 credit cards and you cancel 3 you hurt your score for ever.

Does it hurt my credit score if I cancel them, is there a certain way to cancel multiple credit card?

Again, there is no debt or money owed on the cards.

You should never cancel your credit cards unless they are charging you an annual rate for just having the card open. You see your debt to credit ratio is important in calculating your score so the more money you have available to you to borrow the better off your score is.. you can keep your accounts open but if you want to resist the temptation of using them go ahead and slice up your cards!

Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use

Read more here from my blog :
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/inc rease-fico-credit-score/

2007-07-13 05:58:27 by BCSO

Price: $19.98

I was just watching a bit of this documentary called "Maxed Out" and its about credit card debts mostly but it also brought up national debts incurred by the US government.

But what exactly is national debt?
Who's responsibility is to pay it back and where does the money for it come from?
How much interest does the loan incur (on average)?
But most of all, who are the lenders? From whom does the government borrow money from?

Im just trying to understand how it all works and how it got to be to the staggering amount of:
9,421,674,440,977.18 (US debt)
US Debt Clock:
http://www.brillig.com/debt_clock/

Maxed Out Documentary:
http://www.maxedoutmovie.com/

The above three answers are closest to answering your question. I'll try not to butcher it here.

The national "deficit" is the annual amount of a nation's expenses that exceed it's revenue. A government does not earn income like a business. The major way it gets revenue is through taxes. When those don't add up to what is paid out in purchases and programs (think welfare, social security, defense, etc.) then they are running a deficit. The "debt" is the accumulation of this deficit year after year.

So, to get more operating money, a government can tax or issue bonds or Treasury bills. These are loans in a sense to the federal government. Foreign and domestic buyers can purchase these instruments. The repayment of the loans when the bonds or notes or T-bills is made when they mature or come due.

The $9 Trillion figure you see is a "national debt" figure. We can grow our way out of it (but it will be tough). If our economy expands, then income tax revenues will increase. Thus lowering the annual "deficit". We were projected to out grow our debt when some numbers were crunched into the future (late 1990's). Our economy was expanding due to technological gains of personal computers and the new digital age. But then the internet stock bubble burst, then 9/11, then a slow down. Bush tried to kick start stuff with a tax cut in his first term. It helped, but not enough. No President (Bush Clinton Reagan) or Legislative Branch (Republican or Democrat Congress) should get full credit or blame for economic ups and downs. Its a business cycle that the government has a moderate amount of control over. The federal government only affects Fiscal Policy (taxing/spending) and does not affect Monetary Policy (amount of cash in the system controlled by the Federal Reserve Bank). Our economy is mostly affected by the everyday decisions of people like you and me.

2008-06-17 12:34:53 by Vampie

Price: $14.98

Disturbing movie about debt in America, endless credit card applications in the mail, harassment by collection agencies, credit card stupidity, and why Americans can't control their spending.

i am definitely interested in seeing it .as i have been caught in the credit trap before

2007-03-16 09:55:14 by OFG30

I am wondering the name of a documentary. It's about people talking about debt and how some people killed themselves over it. Talks about the credit card companies and how they work. I remember a few details about the people. One was about a women that went missing and her family discovered all her debt, at the end of the movie we find out they found her car with her dead. Another is about two mom's talking about thier teens and how they got into debt and killed themselves.

there are two that i've heard of. one is called "maxed out" and the other is called "in debt we trust". i haven't seen either of them, but they both sound interesting. hope this helps.

2008-03-14 11:42:15 by cindylouwhooo25