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Maxed Out: See it!

March 12th, 2007 at 02:51 am

I saw the documentary Maxed Out and here this afternoon. My only regret is that I didn't see it on Tuesday, when all times for the Varsity Seattle are $6, off from $9.25. So much for being frugal.

My all means every journal/blogger/reader of blogs here on this site should see this movie. If it doesn't make it to a movie theater near you, Netflix it or Blockbuster it, or rent it from the library (when it gets there) or h%ll, even buy it...with cash, of course. If we (as bloggers) cannot encourage you to tackle your debt then this documentary will. My head is still spinning and if this entry is disjointed, its because the filmmaker covers so much ground that every American should know about. The links I sent at the top will give you a nice taste on some of the bits.

Now for a few of my observations.

A lot of what had happened - people getting in over their heads in debt - happened to me, too. (I became debt-free in October 2004.) For an agnostic/atheist, I am blessed that:

1.) I got in over my head back when the credit card companies hadn't thought up most of their wicked ways - universal debt, 2 cycle billing.
2.) I remained in good health.
3.) I can still be content even when living a materially-poor lifestyle - no house, no car, no kids, Goodwill as a furniture store.
4.) DH - to my knowledge - does not practice financial infidelity.
5.) I treasure my privacy. Cash is anonymous.
6.) I always had a job, even if it was a temp job.
7.) Nothing financially big went wrong with either me, DH, or in our family circles. At least nothing bigger than my emergency fund.

There but for the grace of G*d go I. Sheer luck. I'm not going to say that I dug out of debt my way, heroically, by my bootstraps. I had a lot of luck that many folks don't.

And finding out that credit card companies will magically "lose" your check until a day or two after the due date. I'm happy that I don't play chicken with my credit card bill. I pay it a day or two after the 15th, before the bill comes. I'm tempted to send the bill registered mail!

I do have a divergence of opinion with Michelle Singletary (second link) when she thought that the tithing clip was a cheap shot. Au contraire. In the clip, Jerry Falwell told his flock that even those in under heavy debt stress should still tithe. I have no problems with tithing if goes to G*d. I have a problem with it going to Jerry Falwell, who clearly needs it far less. My cheap shot.

Anyway, continuing on. As a person who pays in full most months and is a great saver, how this debt load most affects me is on the investment level. If the US government is playing a shell game with its debt - does that make me a chump for investing in T-bills? (they are 4 wk T-bills, so probably not, but still...) How do you assess risk?

Debt is slavery, no good or bad. If you are in debt in America, you are not free, period. You are watched, you are hounded, you are sold. A FICO score only determines how much of each you are. And I would make that case even if you have a 30 fixed mortgage.

Finally, a word. My credit card, Capital One, is bumping my rate from 7.99% to 12%, even though I'm a credit "deadbeat" (pays every month). Apparently this is occurring to many in my situation. Since my revolving piece is about $100 or so every once in awhile, the interest that I would pay is still minimal, but I'm still going to go through my $60 or recurring debt - the newspaper, Netflix, etc and see what I can get transferred to my debit card. Last I checked, 12% of 0$ is 0$. Perhaps the card companies will figure out a clever technique to get money out of that situation.

10 Responses to “Maxed Out: See it!”

  1. threebeansalad Says:
    1173670036

    Sounds interesting. I'm going to add it to my NetFlix list right now!

  2. paulettegoddard Says:
    1173673200

    I'm glad you saw it. There were some chilling moments.

    CapitalOne is being sucky, huh. I suppose 7.99% of 0 is equal to 12% of 0 which in turn could equal 29% of 0. I guess they don't want anyone to miss out on the "blessing" of having a double-digit interest rate, like Bank of America doesn't want anyone to miss out on the special pleasure of shelling out more money to them.

    Tha banks and credit card companies are either drunk with power from the Bankruptcy Act, or they're in trouble. Maybe even both.

  3. PRICEPLUS Says:
    1173682672

    Hmmmm! I have nothing on the Capital One but I'll check to see if they raised my rate! I shall also be making a trip to the local Blockbuster to see if they have the film.Smile

  4. daylily Says:
    1173705052

    I can't wait to see this. I had heard about it.

  5. monkeymama Says:
    1173712669

    Oh yeah - have wanted to see this - will see where/when it hits here...

  6. homebody Says:
    1173716054

    Just reading this post has knocked me in the head.... I have been lusting after a new used car, but will wait until I have every last penny saved for it! Thank you, thank you, thank you!

  7. boomeyers Says:
    1173720619

    We have an American Express that does have a yearly fee, but the fee is our Costco membership, so I don't consider it a heist. You might consider this, it even gives you a rebate each year.

  8. baselle Says:
    1173756677

    Priceplus & threebeansalad - its out in theaters right now, so it will be awhile before it gets to VHS or DVD.

  9. kashi Says:
    1173820895

    Thanks for the tip. It will be here on March 16!

  10. PRICEPLUS Says:
    1173988100

    Looks like I'll have ot wait!Smile

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