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Maxed Out
Renee's thread made me think of a movie I saw recently called Maxed Out. It is a documentary from 2005 before things here really tanked. It covers personal debt in the US and how people lose control in various situations or are taken advantage of. It is a bit depressing, but it is eye opening (and I work for a card company:o). I learned a lot of what not to do. They didn't make recomendations for what to do - I guess that is Suze Ormonds job.
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People are doing good just to pay for their housing, food, car and gas. They're gonna pay the collateral things first - credit cards will just have to wait.
When the credit card companies raised the minimum payment a while ago I think they just shot themselves in the foot....people can't pay double what they were used to, and their interest rate goes up if they're late making it even more difficult to pay. They finally get fed up and just quit paying altogether. What else can they do? :( |
I first read Gingerapplegarth's book Wake Up and Smell the Money probably 15years ago and that and Ormonds books really changed my life.
Living simply and not falling prey to the urge to get more and more "stuff" has been very good to me especially in light of being diagnosed with MS. It was a huge relief not to have money worries on top of everything else. |
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The credit card companies didn't raise the minimum payment, the Federal Government did. This was so that you would eventually pay off the card if you made the minimum. I treat them as 'plastic cash'. If you can't pay it off this month, don't use it, pretty simple. Jules has it right.
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Ahhh, if only it were that simple :). Three chronic illnesses in one family of four can do a lot of damage to your financial situation. |
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It's a good concept IF you have the extra money to make a doubled payment. Like Joelle said - pretty hard to do when you've got illness and disability in the mix. |
It doesn't help that CC companies are practically predators going after the young or indigent. When I was still in college, they were just beginning the all-out targeting by showing up on campuses to dazzle and amaze graduating seniors. It's flashy and exciting and has "newest pricey gadget" written all over it.
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My niece, who is 10 got an application for a CC in the mail last Winter> Now, who's running that company?? Crazy!!!:confused:
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DD18 has been getting those applications in the mail like crazy. I tell her to just tear it up/shred it as she doesn't make enough to have one and it would only get her in trouble.
Despite the GED stuff, she does want to go to college but doesn't want a cc or a loan. She wants to get out of college, find a job, and not worry about graduating in debt. Not a good way to start out. |
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