Documentary on debt in America

[REWahoo]

An article on the release of a new documentary, "Maxed Out". MySA.com: Business

"My only agenda going into it was making something funny and entertaining," said Scurlock, a Los Angeles-based filmmaker and business-school dropout who hoped the movie would follow the success of "Super Size Me," a documentary that recorded director Morgan Spurlock's fast-food binge. "If I had known what it would turn into, I'd have never made it. It's a darker movie than I expected to make."

Here is a sobering statement:

"...more U.S. citizens will file bankruptcy this year than graduate from college, get divorced or diagnosed with cancer."

[GatorBuzz]

Thanks for the heads up. I thought Scurlock's "Super Size Me" was outstanding. I also enjoyed the show he had on FX called "Thirty Days," where he spent a month in the life as a prisoner, person under the poverty level, etc. This documentary looks really interesting. I added it to my Netflix queue.

[saluki9]

Quote:

Originally Posted by GatorBuzz Thanks for the heads up. I thought Scurlock's "Super Size Me" was outstanding. I also enjoyed the show he had on FX called "Thirty Days," where he spent a month in the life as a prisoner, person under the poverty level, etc. This documentary looks really interesting. I added it to my Netflix queue.

Don't confuse the two. Spurlock was the one who made Supersize me.

This guy just has a similar sounding name

[GatorBuzz]

Yeah, you're right. Pretty weird that Scurlock and Spurlock are both documentary film makers investigating corporate greed.

[travelover]

No sh*t Sherlock, er ... Scurlock

[cute fuzzy bunny]

Quote:

Originally Posted by REWahoo "...more U.S. citizens will file bankruptcy this year than graduate from college, get divorced or diagnosed with cancer."

Fairly intuitive, considering those activities (among others) are good CAUSES of bankruptcy...

[gindie]

American Bankers Association spokeswoman Tracey Mills said there are U.S. consumers caught in predatory lending schemes but cautioned against assuming that the tragic stories in "Maxed Out" reflect the majority of consumers' experiences with credit.

"Ninety-five percent of credit-card accounts are current, meaning they pay their bills on time every month," she said. "Let's not look at a few cases where people have had a hard time and assume that represents the majority."


A little misleading. All "current" means is that they have succesfully paid the minumum each month. Doesn't mean they aren't in trouble!

[NinjaPigeon]

Agreed, Gindie. Plenty of people pay that bill because they fear what happens if they miss it. Namely, that their source of spending money gets cut off.

[haha]

Quote:

Originally Posted by REWahoo An article on the release of a new documentary, "Maxed Out". MySA.com: Business Here is a sobering statement: "...more U.S. citizens will file bankruptcy this year than graduate from college, get divorced or diagnosed with cancer."

Well given the choice, I would definitely take bankruptcy over cancer.

Ha

[Darryl]

Super size me was great. Credit Card debt and a movie that turned out darker than hoped for hmmmm?
Some folks do get blindsided with losing a job and having a medical issue or vice versa, but it is amazing how many people end up neck deep in s&#t for stuff and they can't even tell you what the stuff was. Cut up the CC's or at least get down to one that you don't use. Stop shopping as a stress reliever it is a stress creator. Pay cash cash cash. i could get robbed every week this year or lose my wallet etc. and still come out ahead of the person using credit. Card user's on average spend 15% more than people paying cash.

[PBAT]

I have a close friend with the opposite financial philosophy as we on this board. Her and her DH want to live life while they are young, but consider living to mean having all the toys.

This friend's family has one income ~60k, 4 kids under age 10, 175k mortgage, minimal 401k, NO college savings, and FOUR cars. Old paid for Cherokee, minivan bought w/ HELOC & paying interest only for four years now, and the toys are financed for five years each - 2007 Wrangler and 2006 Mustang.

They don't understand why I don't trade in my 9 year old honda for a new car payment. They feel bad that I am 'depriving' myself, when of course I don't see it that way at all.

Writing this out it seems odd that we are so close, but outside of finances we do actually have a lot of common interests!

[TromboneAl]

Quote:

blasts the financial industry for extending credit to high-risk consumers

Ah, this is the single key that unlocks the mystery of the current problems with debt. The moment that one guy realized "Hey, instead of turning down high-risk people for borrowing, we should encourage them, and charge them high interest rates!" the debt crisis was born.

[megacorp-firee]

I don't think that (the collective) we on this board, are on a mission to convert the unwashed masses.

We here are to teach and learn and support each other .... I saw the statistic on this board as compared to a luxury purse site. We don't even make a pimple on their membership numbers or number of posts.

One of my favorite posters is that of a pig sitting in a wallow of slop. The caption is ' never try to teach a pig to sing ... it wastes your time and annoys the pig'.

[REWahoo]

Quote:

Originally Posted by megacorp-firee One of my favorite posters is that of a pig sitting in a wallow of slop.

What name does he use when he posts here?

[bssc]

Quote:

Originally Posted by megacorp-firee IOne of my favorite posters is that of a pig sitting in a wallow of slop. The caption is ' never try to teach a pig to sing ... it wastes your time and annoys the pig'.

One of my cow-orkers saw this website up on my monitor and laughed at it. The idea early retirement is amusing to her. Of course, she traded in her three month old luxury car for another one since she didn't like the way it drove. Each to their own.

[megacorp-firee]

Quote:

Originally Posted by bssc One of my cow-orkers saw this website up on my monitor and laughed at it. The idea early retirement is amusing to her. Of course, she traded in her three month old luxury car for another one since she didn't like the way it drove. Each to their own.

They never do get it. One of my co-w*rkers asked me how I could do 'it'... meaning how could I afford to do this.... she had worked 38 years and still had to work a 'few more years' to get it together .... of course she does have a very nice 'down-sized' McMansion (only 3800 sf), new car, and vacation home (2 years old). I told them I got 'lucky' in the market ..... did NOT want to annoy the pig ....

[Linney]

Quote:

Originally Posted by PBAT I have a close friend with the opposite financial philosophy as we on this board. Her and her DH want to live life while they are young, but consider living to mean having all the toys.

And I have a close friend with the same LBYM financial philosophy as us. . . but her husband has the opposite financial philosophy. This results in uncomfortable conversations where I drive over to her house in my 10 year old Toyota and ask her what's up with the brand new SUV sitting in their driveway. I ask because I know they regularly have trouble paying their monthly bills. Answer: her husband felt he 'deserved' it because other people he knows have nice SUVs.

My friend asks me for pointers about investing because she plans to have the money some day to finally start their retirement savings. I have to tell her that until she and her husband share the same financial goals, there's no point to discussing this. He spends every dime left in their checking account (there is NO savings account) so there will be nothing to save or invest until their situation changes. Am I being too harsh? It seems immoral to suggest that she start hiding money in a secret savings account. I wish she'd leave him (isn't that a sad thing to wish for your friend?)

Signed,
Troubled Friend in the Northwest

p.s. I talked to her recently so I'm mostly venting here. If you have constructive suggestions I certainly wouldn't mind hearing them but I will admit to being skeptical that I can influence this situation for the better other than just 'being there' for her.

[unclemick]

I created a mythical 'Godfather' who made me an offer I couldn't refuse/skimed his cut off the top before I ever saw the money - ie auto deducted to 401k/IRA etc the max amount I could tax defer so it was just another deduction from the paycheck.

Partied till we puked on the rest - after all we did live in New Orleans.

heh heh heh - that was the thinking - in actual fact I did suffer bouts of extreme LYBM.

[Zoocat]

Quote:

Originally Posted by Linney My friend asks me for pointers about investing because she plans to have the money some day to finally start their retirement savings. I have to tell her that until she and her husband share the same financial goals, there's no point to discussing this. He spends every dime left in their checking account (there is NO savings account) so there will be nothing to save or invest until their situation changes. Am I being too harsh? It seems immoral to suggest that she start hiding money in a secret savings account. I wish she'd leave him (isn't that a sad thing to wish for your friend?) Signed, Troubled Friend in the Northwest p.s. I talked to her recently so I'm mostly venting here. If you have constructive suggestions I certainly wouldn't mind hearing them but I will admit to being skeptical that I can influence this situation for the better other than just 'being there' for her.

Today on Oprah a financial counselor said that every married woman should have a savings account in her own name. She's working, right? Does she have a 401K? If not, she needs to open the IRA. She should also have an emergency savings account in her own name if her husband won't agree to fund it jointly. If her husband disagrees with her having a savings account then the problem in their marriage is pretty obvious. I don't think that women still have to obey their husbands to the detriment of their financial well being. Didn't that arrangement end a few years back?

[Linney]

Quote:

Originally Posted by Oldbabe Today on Oprah a financial counselor said that every married woman should have a savings account in her own name. She's working, right? Does she have a 401K? If not, she needs to open the IRA. She should also have an emergency savings account in her own name if her husband won't agree to fund it jointly.

She is only working part time so no benefits. She has an at-risk teen at home so I wouldn't be comfortable suggesting that she work full time for another 2-3 years.

Quote:

Originally Posted by Oldbabe If her husband disagrees with her having a savings account then the problem in their marriage is pretty obvious. I don't think that women still have to obey their husbands to the detriment of their financial well being. Didn't that arrangement end a few years back?

Don't get me started. Oops, too late. It's not a love/obey-commanded relationship, but close. They both come from strongly religious, conservative backgrounds and follow the model of husband as family leader and wife as advisor. He needs to listen to her more often, but he doesn't. I think he has mild depression that makes him not care as much as he should.

I don't think I'd be in a good position to suggest that she start the separate savings account (if her husband found out that I was the one suggesting it, there could be fallout). But if she raises that topic again, I could take a stronger position in confirming that is indeed what she should do. I'd be morally okay with that kind of approach.

Sigh.....

Thanks for the input, Oldbabe.