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Editorial Reviews
Amazon.com
In Maxed Out, author/director James D. Scurlock (Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders) takes on America's debt crisis. Consequently, he touches on related issues like race, corporate malfeasance, and political subterfuge. Scurlock’s multi-media approach incorporates statistics, news excerpts, and interviews, but it's rarely dull (comedy bits from Louis CK and tunes from Queen and Coldplay don't hurt). Speakers include economic professors, debt collectors, pawn brokers, investigative reporters, beleaguered consumers, and even Robin Leach (Lifestyles of the Rich and Famous). Instead of New York and Los Angeles, he concentrates on mid-size cities, like Minneapolis, Oklahoma City, and Seattle. Plenty of small towns also come into play. Though he never presses the point himself, Scurlock allows his subjects to note the similarities between the credit industry and the drug trade (others use such incendiary terms as "rape"). One thing he neglects to mention, however, is pride. If house payments are ruining your life, selling that property may be the only solution. In most cases, however, it's hard not to feel for those individuals who didn't know what they were getting into before they signed their lives away. For some viewers, this will be a dispiriting documentary--three subjects recount the suicides of relatives who found their debt too much to bear--but in explaining exactly how lenders and creditors make money, Maxed Out can help others to avoid some of their most egregious practices. In other words, debt may be a downer, but knowledge is power. --Kathleen C. Fennessy
Product Description
The deeply ingrained American culture of buy now, pay later" is exposed in its seamy reality in this journey into the workings of modern financing and who they consider as their preferred customers." Getting rich while keeping the poor ever more indebted is the way it works in this portrait of a national nightmare that is both funny and infuriating. 2006/color/87 min/NR.
Customer Reviews
Most Helpful Customer Reviews
89 of 99 people found the following review helpful
Format:DVD|Amazon Verified Purchase
The woman looks out at the camera while showing the audience her new home in the making. She tells us how the bank guaranteed her mortgage based on the projected increased value of the house from its original price, after completion. We are told this is the exact same accounting procedure that Enron used.
There are some facts that this DVD makes clear. America, once a country where people were forced to live within their means has become a nation of debtors. Our indebtedness has been encouraged and even exploited by politicians, and credit card companies who tell us they are everywhere we want to be. With the complicity of congress, credit card companies are sapping the financial vitality of the American family.
Almost all politicians have told us that we should continue to consume. If it isn't Governor Arnold Schwarzenegger telling us from the front of an auto dealership that we need a new car, it's George W. Bush who told us after 9/11, to hell with sacrifices--just buy (and get into more debt).
In the 1980's President Ronald Reagan encouraged deregulation. Banks, once unable to operate in other states or float credit cards could now do so. Knowing that we could have something now instead of later was tempting for too many people. As the DVD reveals, the banks found a master marketer who suggested that they have zero percent interest "come-ons."
Then, there was targeting the right population. College kids were especially targeted with free Frisbees, school tee shirts, or any other gimmick that was given just for filling out an application. Calculated in this decision was to lure kids with future income potential and limited current income to make them debtors for life. The full-time working, non-student, eighteen year olds were usually rejected because they were more likely to make the monthly payments.
Enter MBNA. They write the new bankruptcy law that the 109th republican dominated Congress will adopt. This Congress has its hands in the pockets of the banks and credit card companies, and they make it quite clear that their obligation is to represent their largest contributors rather than their constituents. In the words of Senator Orrin Hatch of Utah, the purpose of the bill is "to make Americans more responsible."
It's unfortunate that the good senator didn't feel the same way about the credit card companies, which were then allowed to charge rates once thought of as criminal e.g. 35% on delinquent credit card payments. (Just think. At that rate, one in three borrowers could default and the credit card companies and banks would still make money)! Additional "fees" are added for processing, lateness, etc. Providian, which tried to lure people with low interest rates, withheld deposit or simply shredded payments so they could charge late fees and raise interest rates.
Another genius decision was to maintain low monthly payment minimums. This will guarantee that a $10,000 balance would require payments of more than $18,000 to pay off. It would also lull the consumer into feeling that the burden was not too much to bear, and that the card could still be used.
But the banks were still not short on ingenuity in coming up with more ways to make money via credit cards. They could sell their debt to collectors who were ready to dun borrowers and take them to court for judgments and liens.
There is a heavy-handed part to this story that I was uncomfortable with. It was the tragedy of two mothers whose children committed suicide because they had acquired too many credit cards and could not pay them back the enormous amount of debt they accumulated. Obviously, this decision was driven by their own thoughts rather than by collection coersion. They tell their story to Congress asking them to change these laws as they face an array of bankers and lawyers. They knew nothing would happen, and nothing did. (But at least Congress did investigate the important stuff, like if Roger Clemens was using performance-enhancing drugs)!
The intentional irony here was a number of these bankers and company executives telling Congress: "We are sensitive to the needs of our customers."
And some day pigs will fly.
I recommend you see this or buy it. But, please--pay cash for it.
Easter Monday
301 More Days and a Wake-Up
Thanks for the recommendation, Marc.
November 5, 2009: The credit card companies that are so sensitive to the needs of their customers are raising interest rates up the maximum currently allowed by law. That means 29% and 30% for customers with outstanding credit.
As I said, some day pigs will fly.
There are some facts that this DVD makes clear. America, once a country where people were forced to live within their means has become a nation of debtors. Our indebtedness has been encouraged and even exploited by politicians, and credit card companies who tell us they are everywhere we want to be. With the complicity of congress, credit card companies are sapping the financial vitality of the American family.
Almost all politicians have told us that we should continue to consume. If it isn't Governor Arnold Schwarzenegger telling us from the front of an auto dealership that we need a new car, it's George W. Bush who told us after 9/11, to hell with sacrifices--just buy (and get into more debt).
In the 1980's President Ronald Reagan encouraged deregulation. Banks, once unable to operate in other states or float credit cards could now do so. Knowing that we could have something now instead of later was tempting for too many people. As the DVD reveals, the banks found a master marketer who suggested that they have zero percent interest "come-ons."
Then, there was targeting the right population. College kids were especially targeted with free Frisbees, school tee shirts, or any other gimmick that was given just for filling out an application. Calculated in this decision was to lure kids with future income potential and limited current income to make them debtors for life. The full-time working, non-student, eighteen year olds were usually rejected because they were more likely to make the monthly payments.
Enter MBNA. They write the new bankruptcy law that the 109th republican dominated Congress will adopt. This Congress has its hands in the pockets of the banks and credit card companies, and they make it quite clear that their obligation is to represent their largest contributors rather than their constituents. In the words of Senator Orrin Hatch of Utah, the purpose of the bill is "to make Americans more responsible."
It's unfortunate that the good senator didn't feel the same way about the credit card companies, which were then allowed to charge rates once thought of as criminal e.g. 35% on delinquent credit card payments. (Just think. At that rate, one in three borrowers could default and the credit card companies and banks would still make money)! Additional "fees" are added for processing, lateness, etc. Providian, which tried to lure people with low interest rates, withheld deposit or simply shredded payments so they could charge late fees and raise interest rates.
Another genius decision was to maintain low monthly payment minimums. This will guarantee that a $10,000 balance would require payments of more than $18,000 to pay off. It would also lull the consumer into feeling that the burden was not too much to bear, and that the card could still be used.
But the banks were still not short on ingenuity in coming up with more ways to make money via credit cards. They could sell their debt to collectors who were ready to dun borrowers and take them to court for judgments and liens.
There is a heavy-handed part to this story that I was uncomfortable with. It was the tragedy of two mothers whose children committed suicide because they had acquired too many credit cards and could not pay them back the enormous amount of debt they accumulated. Obviously, this decision was driven by their own thoughts rather than by collection coersion. They tell their story to Congress asking them to change these laws as they face an array of bankers and lawyers. They knew nothing would happen, and nothing did. (But at least Congress did investigate the important stuff, like if Roger Clemens was using performance-enhancing drugs)!
The intentional irony here was a number of these bankers and company executives telling Congress: "We are sensitive to the needs of our customers."
And some day pigs will fly.
I recommend you see this or buy it. But, please--pay cash for it.
Easter Monday
301 More Days and a Wake-Up
Thanks for the recommendation, Marc.
November 5, 2009: The credit card companies that are so sensitive to the needs of their customers are raising interest rates up the maximum currently allowed by law. That means 29% and 30% for customers with outstanding credit.
As I said, some day pigs will fly.
35 of 37 people found the following review helpful
Format:DVD
The best things in life are free
But you can keep 'em for the birds and bees
Now give me money (that's what I want)
That's what I want (that's what I want)
That's what I want (that's what I want), yeah
That's what I want
Your lovin' gives me a thrill
But your lovin' don't pay my bills
Now give me money (that's what I want)
That's what I want (that's what I want)
That's what I want (that's what I want), yeah
That's what I want
Money don't get everything it's true,
What it don't get I can't use;
Now give me money (that's what I want)
That's what I want (that's what I want)
That's what I want (that's what I want), yeah
That's what I want
People want money. The credit card moguls prey on consumers who don't read the fine print before they sign their lives away; elected government officials including presidents "borrow" money from Social Security; and the average person wants an endless income. As my grandfather used to say, "Rich or poor, it's good to have money."
Maxed Out is an excellent documentary that, although somewhat disjointed, does do a very good job of exploring and explaining to people--in plain English--the risks of too much debt and the responsibilities they must face when it comes time to pay back that debt. We get fascinating interviews with unsuspecting, everyday people who unknowingly were fooled by creditors to become saddled with more debt than they could handle. We also see examples of families shattered when a member of the family actually kills themselves rather than face the shame of debt or bankruptcy. In addition, look for some excellent insights from Elizabeth Warren from Harvard University and former Federal Reserve Chairman Alan Greenspan.
Maxed Out can be difficult to watch. After all, the stories we learn of are rather sad and unpleasant. We learn of credit card companies so driven to sign anyone up they give out credit cards like candy to college freshmen working a mere 12 hours a week. It's scary. We learn how four consecutive presidents "borrowed" money from social security just to pay interest on government loans and to keep the government open. (Actually, even this failed when the government closed for three days a few years ago.) Ay!
Worse yet, we are introduced to people at collection agencies who rather heartlessly leave messages with relatives and neighbors of the people in debt so that the debtors can be publicly embarrassed about getting a call from a collection agency. The shame is so great that according to Elizabeth Warren a bankruptcy is often referred to as "the event" because people can't bear to hear the word bankruptcy.
Of course, there is the other side of the coin. We see Dave Ramsey, a radio DJ who coaches individual responsibility when it comes to money management. I also had the sense, although the movie did not spell this out, that many parents simply assume that their eighteen year olds would never be given a credit card--and so too many parents never teach their kids about the risks of racking up debt. Parents and schools need to teach lessons about money management very, very carefully.
Overall, Maxed Out is an excellent film that deals with all of the above and more. The DVD also comes with interesting bonuses including another interview with Elizabeth Warren; a 1950's educational film about credit and money management that should still be shown to young students today; and we also get another close look at Dave Ramsey who counsels people on the radio about debt and getting out of it.
I highly recommend Maxed Out for anyone who wants to better understand just how predatory credit card companies can be--and just how much we still need to know about overall money management to avoid much more debt than we could ever repay. This movie also benefits from an excellent soundtrack. Although this subject matter could be dry, the movie keeps it all interesting by also showing interviews with everyday people about their financial problems and other film clips.
But you can keep 'em for the birds and bees
Now give me money (that's what I want)
That's what I want (that's what I want)
That's what I want (that's what I want), yeah
That's what I want
Your lovin' gives me a thrill
But your lovin' don't pay my bills
Now give me money (that's what I want)
That's what I want (that's what I want)
That's what I want (that's what I want), yeah
That's what I want
Money don't get everything it's true,
What it don't get I can't use;
Now give me money (that's what I want)
That's what I want (that's what I want)
That's what I want (that's what I want), yeah
That's what I want
People want money. The credit card moguls prey on consumers who don't read the fine print before they sign their lives away; elected government officials including presidents "borrow" money from Social Security; and the average person wants an endless income. As my grandfather used to say, "Rich or poor, it's good to have money."
Maxed Out is an excellent documentary that, although somewhat disjointed, does do a very good job of exploring and explaining to people--in plain English--the risks of too much debt and the responsibilities they must face when it comes time to pay back that debt. We get fascinating interviews with unsuspecting, everyday people who unknowingly were fooled by creditors to become saddled with more debt than they could handle. We also see examples of families shattered when a member of the family actually kills themselves rather than face the shame of debt or bankruptcy. In addition, look for some excellent insights from Elizabeth Warren from Harvard University and former Federal Reserve Chairman Alan Greenspan.
Maxed Out can be difficult to watch. After all, the stories we learn of are rather sad and unpleasant. We learn of credit card companies so driven to sign anyone up they give out credit cards like candy to college freshmen working a mere 12 hours a week. It's scary. We learn how four consecutive presidents "borrowed" money from social security just to pay interest on government loans and to keep the government open. (Actually, even this failed when the government closed for three days a few years ago.) Ay!
Worse yet, we are introduced to people at collection agencies who rather heartlessly leave messages with relatives and neighbors of the people in debt so that the debtors can be publicly embarrassed about getting a call from a collection agency. The shame is so great that according to Elizabeth Warren a bankruptcy is often referred to as "the event" because people can't bear to hear the word bankruptcy.
Of course, there is the other side of the coin. We see Dave Ramsey, a radio DJ who coaches individual responsibility when it comes to money management. I also had the sense, although the movie did not spell this out, that many parents simply assume that their eighteen year olds would never be given a credit card--and so too many parents never teach their kids about the risks of racking up debt. Parents and schools need to teach lessons about money management very, very carefully.
Overall, Maxed Out is an excellent film that deals with all of the above and more. The DVD also comes with interesting bonuses including another interview with Elizabeth Warren; a 1950's educational film about credit and money management that should still be shown to young students today; and we also get another close look at Dave Ramsey who counsels people on the radio about debt and getting out of it.
I highly recommend Maxed Out for anyone who wants to better understand just how predatory credit card companies can be--and just how much we still need to know about overall money management to avoid much more debt than we could ever repay. This movie also benefits from an excellent soundtrack. Although this subject matter could be dry, the movie keeps it all interesting by also showing interviews with everyday people about their financial problems and other film clips.
23 of 25 people found the following review helpful
Format:DVD
`Maxed Out' is an informative although disjointed look at personal and national debt in America. There is a decent amount of interviews given by not only regular victims of credit card debt but also from individuals who are educated in this subject such as consumer advocates and financial experts. A bit more organization in the presentation of material would have been better.
Looking past the shortcomings listed above and concentrating solely on the subject of debt, this program reveals some alarming trends by credit card companies, the government, and corporations that want to part you from your money using whatever means they feel are good for them but not good for you.
Whether it is credit lenders trying to exploit college students or companies trying to induce recent bankruptcy filers to again mire themselves in financial trouble, this is just another day at the office for them, business as usual. When it comes to ethics and professional behavior, it really isn't a big consideration in day to day affairs for some credit card companies and banks. As far as collecting on what you owe them, it is commonplace to experience rude and intimidating behavior from some debt collectors. When it comes to gathering information about a person's credit history and buying practices, there is evidence of data manipulation and disregarding people's rights to privacy in financial affairs.
When looking at numbers too, these don't paint a very pretty picture. Over 4 billion credit card offers a year are sent to the public. Credit card fees have risen 160 percent over the last 5 years. Between 1994 and 2004, over 10 million Americans filed for bankruptcy. The average household nowadays averages over 9000 dollars in debt and they spend more than 1300 dollars a year in interest payments. In 2004, thirty different states sued banks regarding predatory and discriminatory practices.
Don't count on the government to help out or be a consumer watchdog regarding these affairs either. They're complicit in events that worsen the situation. President Bush introduced new bankruptcy legislation that makes it harder for middle class citizens to file for bankruptcy and get a second chance. Several presidents have borrowed very heavily from Social Security and pension funds to make interest payments owed on the national debt. So much for the public's best interests at heart. When it comes to examining and investigating the unscrupulous behavior of these credit card companies and lending institutions, very little action, if any, is taken and in most cases they aren't being held responsible for their harmful activities.
Although some of the subject matter in this program may be a little disheartening at times, it is still a good look at what really goes on in this country regarding debt, fiscal irresponsibility, and the diminishing middle class society in America, among other things.
Looking past the shortcomings listed above and concentrating solely on the subject of debt, this program reveals some alarming trends by credit card companies, the government, and corporations that want to part you from your money using whatever means they feel are good for them but not good for you.
Whether it is credit lenders trying to exploit college students or companies trying to induce recent bankruptcy filers to again mire themselves in financial trouble, this is just another day at the office for them, business as usual. When it comes to ethics and professional behavior, it really isn't a big consideration in day to day affairs for some credit card companies and banks. As far as collecting on what you owe them, it is commonplace to experience rude and intimidating behavior from some debt collectors. When it comes to gathering information about a person's credit history and buying practices, there is evidence of data manipulation and disregarding people's rights to privacy in financial affairs.
When looking at numbers too, these don't paint a very pretty picture. Over 4 billion credit card offers a year are sent to the public. Credit card fees have risen 160 percent over the last 5 years. Between 1994 and 2004, over 10 million Americans filed for bankruptcy. The average household nowadays averages over 9000 dollars in debt and they spend more than 1300 dollars a year in interest payments. In 2004, thirty different states sued banks regarding predatory and discriminatory practices.
Don't count on the government to help out or be a consumer watchdog regarding these affairs either. They're complicit in events that worsen the situation. President Bush introduced new bankruptcy legislation that makes it harder for middle class citizens to file for bankruptcy and get a second chance. Several presidents have borrowed very heavily from Social Security and pension funds to make interest payments owed on the national debt. So much for the public's best interests at heart. When it comes to examining and investigating the unscrupulous behavior of these credit card companies and lending institutions, very little action, if any, is taken and in most cases they aren't being held responsible for their harmful activities.
Although some of the subject matter in this program may be a little disheartening at times, it is still a good look at what really goes on in this country regarding debt, fiscal irresponsibility, and the diminishing middle class society in America, among other things.
Most Recent Customer Reviews
1.0 out of 5 stars
Examines Banking from scewed point of view
This is your typical hidden agenda video that tries to scare Americans into believing that the banking system is out to get them. Read more
Published 28 days ago by J. Tamayo
3.0 out of 5 stars
Had potential to be more
Movie did have some interesting points but would have been even better if there were more interviews with people in the industry (or formerly in the industry) & more in depth case... Read more
Published 1 month ago by M. Gallagher
5.0 out of 5 stars
Giving Credit Where It's Due
I gave "Maxed Out" five stars. This is a movie that every American should see and ponder carefully. Read more
Published 1 month ago by Bookish Mama
3.0 out of 5 stars
Interesting, but views consumers as victims...
This is a good documentary for providing the point of view from a consumer standpoint. However, it makes the spenders look like the credit card companies are evil, when in fact,... Read more
Published 4 months ago by Jag4
1.0 out of 5 stars
Personal Responsibility? Not in this film!
I wish I would have read the reviews on this before I wasted my time.
I was hoping for a good financial program that showed how the personal misuse of credit cards has led to... Read more
I was hoping for a good financial program that showed how the personal misuse of credit cards has led to... Read more
Published 4 months ago by XianJaguar
5.0 out of 5 stars
Maxed Out
This book helped me to realize how the credit industry operates and how cruel the industry can be if you don't have the knowledge to play their game.
Published 5 months ago by Dawn
5.0 out of 5 stars
Very good
This movie was a school assignment but ended up being enjoyable as well as informative. The use and abuse of credit in America is a serious issue that many take too lightly, we... Read more
Published 6 months ago by Bucky
2.0 out of 5 stars
How disappointing...
Plusses:
The movie shows...
* Politicians are actively selling We, the people, out for lobbyists and the credit card companies
* Credit card and lending... Read more
The movie shows...
* Politicians are actively selling We, the people, out for lobbyists and the credit card companies
* Credit card and lending... Read more
Published 10 months ago by D. Jacobs
1.0 out of 5 stars
Just another far left hit piece.
I was really hoping for an honest, balanced look at the personal debt problem in our society. Instead, this is a just another far, far left hit piece in the disingenuous and... Read more
Published 16 months ago by PKC1963
1.0 out of 5 stars
Whose fault is debt?
This documentary is a mishmash of random thoughts relating to debt that never really comes a conclusion. Read more
Published 18 months ago by New Mommy
