Comments on: Maxed Out: a movie on debt and consequences that you shouldn’t miss. http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/ Conscious Living....Deliberate Living. Deciding what I want to strive for and then setting goals to get there... "But the dreamers of the day are dangerous people because they think their dreams into reality with eyes wide open." Sat, 22 Nov 2008 01:47:24 +0000 http://wordpress.org/?v=2.5 By: Carrie http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20552 Carrie Fri, 10 Aug 2007 22:20:10 +0000 http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20552 I saw this movie last time I was at blockbuster. Thanks for reviewing it. I thought it might be good for the whole family to watch. E and H don't have credit cards, and don't go into debt. They have a "debt-free" attitude. I want to make sure the two teen boys have the picture, too. We've alway tried to pay off credit cards every month, and have done so for most of our married life. We do use cc's we just pay them off. We also refuse higher lines of credit. The catch-22 is establishing credit in order to get a good mortgage rate in the future, or to buy a car. While H is in college, she can get a credit card. But once she graduates, she's a "poor risk" (according to Clark Howard) and will probably have trouble getting one. I don't think debit cards do anything for your credit rating. I saw this movie last time I was at blockbuster. Thanks for reviewing it. I thought it might be good for the whole family to watch. E and H don’t have credit cards, and don’t go into debt. They have a “debt-free” attitude. I want to make sure the two teen boys have the picture, too. We’ve alway tried to pay off credit cards every month, and have done so for most of our married life. We do use cc’s we just pay them off. We also refuse higher lines of credit.

The catch-22 is establishing credit in order to get a good mortgage rate in the future, or to buy a car. While H is in college, she can get a credit card. But once she graduates, she’s a “poor risk” (according to Clark Howard) and will probably have trouble getting one. I don’t think debit cards do anything for your credit rating.

]]> By: Amber http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20549 Amber Fri, 10 Aug 2007 20:30:04 +0000 http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20549 I just rented Maxed Out from Netflix this week. What a great movie. I've become deeply obsessed with the Dave Ramsey plan and getting out of debt, though I haven't yet completed Baby Step 1. Today I received an bill from Bank of America and learned that they raised my interest rate (on a closed account) by over 6% to 23.99%. Before Dave I probably wouldn't even have noticed. I called to find out what their reasoning was and to see if there was any way they would lower it. They said they conducted a review of my credit report and raised my rate accordingly (which makes no sense to me based on what I know about my credit in the last 6 months). They said all I could do was call in 6 months to request another review and hope it goes down. Feeling totally ripped off, I called USAA and opened a second line of credit there at 14% to transfer my balance. The account representative told me to wait a few days, then call back and request that they merge my two accounts. She told me I could then transfer the BoA balance at an even lower percentage and receive only one bill. Once that is all finished I can get back to my real goal of serious debt repayment. I feel like I won a major battle today in this ongoing personal debt war. I just rented Maxed Out from Netflix this week. What a great movie. I’ve become deeply obsessed with the Dave Ramsey plan and getting out of debt, though I haven’t yet completed Baby Step 1.

Today I received an bill from Bank of America and learned that they raised my interest rate (on a closed account) by over 6% to 23.99%. Before Dave I probably wouldn’t even have noticed. I called to find out what their reasoning was and to see if there was any way they would lower it. They said they conducted a review of my credit report and raised my rate accordingly (which makes no sense to me based on what I know about my credit in the last 6 months). They said all I could do was call in 6 months to request another review and hope it goes down. Feeling totally ripped off, I called USAA and opened a second line of credit there at 14% to transfer my balance. The account representative told me to wait a few days, then call back and request that they merge my two accounts. She told me I could then transfer the BoA balance at an even lower percentage and receive only one bill. Once that is all finished I can get back to my real goal of serious debt repayment.

I feel like I won a major battle today in this ongoing personal debt war.

]]> By: Tia http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20545 Tia Fri, 10 Aug 2007 19:54:17 +0000 http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20545 you touched on the cyclical aspect and the movie really hammers that....the classes grow farther and farther apart and it's not just rich/poor, but also slave/lender/, servant/master, almost a caste type environment. I do wish it had spoken more about personal responsibility but most debt programs talk about that...having a film out there that really addresses the corporate aspect is valuable. I've heard there is a pbs option as well called The True History of the Credit Card, or something like that. It's on my list to investigate. you touched on the cyclical aspect and the movie really hammers that….the classes grow farther and farther apart and it’s not just rich/poor, but also slave/lender/, servant/master, almost a caste type environment. I do wish it had spoken more about personal responsibility but most debt programs talk about that…having a film out there that really addresses the corporate aspect is valuable. I’ve heard there is a pbs option as well called The True History of the Credit Card, or something like that. It’s on my list to investigate.

]]> By: Beth http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20543 Beth Fri, 10 Aug 2007 19:01:20 +0000 http://www.sixredheads.com/2007/08/10/maxed-out-a-movie-on-debt-and-consequences-that-you-shouldnt-miss/#comment-20543 I haven't seen the movie, but I wanted to comment on your own reflections. I think you have said some very true and wise things here. There are those who benefit from poverty. And sadly enough (saw this personally through our trying to help LaQuinta) there are those who are so entrapped by poverty that they do not want what it takes to escape it, even when escape is offered. As you have repeatedly shown, in order to escape poverty/endebtedness it takes backbone and sacrifice. It's doable, but it takes that kind of work...not everyone wants to put that kind of work into it. And certainly those who benefit from povery/endebtedness don't want the poor to escape it....it's bad for business. I haven’t seen the movie, but I wanted to comment on your own reflections. I think you have said some very true and wise things here. There are those who benefit from poverty. And sadly enough (saw this personally through our trying to help LaQuinta) there are those who are so entrapped by poverty that they do not want what it takes to escape it, even when escape is offered. As you have repeatedly shown, in order to escape poverty/endebtedness it takes backbone and sacrifice. It’s doable, but it takes that kind of work…not everyone wants to put that kind of work into it. And certainly those who benefit from povery/endebtedness don’t want the poor to escape it….it’s bad for business.

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