Mon 18 Jun 2007
Maxed Out
By Ian Forbes
[3] Comments
How much money could we save in paper costs if junk mail were eliminated?
Theatrical Release Date: 03/09/2007
Director: James D. Scurlock
I doubt is comes as any surprise that America is a nation awash in debt.
Few of us are free and clear, whether it be college loans, a mortgage or the ever-common credit card debt.
With the marked increase in bankruptcy and the average American feeling the pinch, director James Scurlock decided to examine the credit card industry’s tactics and lending policies.
While most tales in “Maxed Out” are of financial woe, there was also a look at two families ripped apart because their college-age kids piled up a large enough debt that it was a factor in their suicides.
Now, there’s no evidence that was their only issue but I can speak first-hand at how demoralizing and depressing it can be to find yourself drowning in debt.
As a member of the bankruptcy club, I know how bills can get out of hand before you know it and the only recourse may be to wipe the slate and rebuild.
Having that knowledge also made most of this documentary obsolete and uninformative, leading me to question the effectiveness of the film.
I’m not shocked at all that the banks want to lend money to people who are financial risks. Banks make money on the interest generated by carried balances.
The stockbroker who makes $250K a year can probably pay off his Amex bill. The single mother of three who works two minimum wage jobs has to extend herself financially just to make ends meet in an ever-increasingly expensive America probably can not.
Also, the notion that credit lenders are actively looking for recently bankrupt individuals is of no surprise to me. It wasn’t immediate but within a year after declaring bankruptcy, I was approved for a no annual fee credit card.
Now, I learned from my mistake and rarely carry a balance over to the next month. I also know the importance of planning out your monthly income and making sure your bills are paid before you blow a few hundred dollars on a trip to Vegas.
However, many people don’t learn that lesson and credit card companies know that. So, they approve credit cards to those “high-risk” individuals, knowing they’ll probably fall back into their pattern and start carrying balances.
The interest piles up and soon an item that cost $50 at the store will end up costing twice that in interest payments.
I suppose if you are the parent of a teenager and want to teach them about fiscal responsibility, “Maxed Out” is a good cautionary tale. However, I think anyone who lives on their own already has learned the lessons being taught here.
Adding to my disappointment is the tacky stock footage used by Scurlock. It seemed the only way he could think of to provide some momentum and pace to the film, which otherwise is a series of interviews.
I had higher hopes for this film and feel a little sorry handing “Maxed Out” a 2 out of 5. Unfortunately, it didn’t provide enough new information or bring any visual style to the table and that leaves this documentary geared towards a very specific subset of Americans: those few who haven’t ever had to borrow money.


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June 18th, 2007 at 10:15 am
I am with you in the debt boat. 30 years old and no savings to speak of because I put part of my car on my credit cards when I was 23. Then I lost the job I originally bought the car to go to. Soon, I hope to be even again, and can start to you know, save money. That would be nice.
June 22nd, 2007 at 8:06 am
I haven’t seen the movie yet, but I enjoyed Spurlock’s previous works. I actually got the movie from Blockbuster Online, so I should be watching it soon. The biggest knock I’ve heard on the movie is that it spends too much time on the ‘woah is me’ aspect of the victims. I use the word victims loosely though. I think there’s two groups that are really affected by the credit card industry: 1. People who actually suffer hardships(loss of job and have to put their daily necessities on a credit card and don’t have the means to pay it off, let alone pay the interest on the card, and 2. People who buy all the latest crap, despite the fact they can’t afford it and spend money on their card and just pay the minimum payment so they can live beyond their means. I don’t really have much sympathy for people who fall under the second category. At some point you need to take control and live below your means to get to that 0 debt level. At that point, you start to save money and piece by piece start to live the good life again.
As for someone committing suicide over debt? I think it’s silly to think that their credit card debt was the only factor there.
June 26th, 2007 at 7:18 am
Har Har….look who’s the dumbass now. I had mistakenly thought this was a new movie from MORGAN SPURLOCK of SUPER SIZE ME fame – however after renting it I found out it was from JAMES SCURLOCK, of no fame at all. Anyways, I watched it and thought it mostly sucked. It wasn’t what I thought it would be – which is an informative documentary about how some get into debt and how credit card companies do it. They could have done so much more with this film and made into more of an educational piece. They also did a beautiful job of pinning all of this on the Republicans -as if there aren’t Democrats in bed with the credit card industry as well. In the end, it just ended up being a sad commentary about a few individuals that drove themselves so far into debt that they felt they needed to take their own lives to fix it. To me, pinning this on the credit industry is sorta like blaming the tobacco industry for people smoking. Sure, maybe they make cigarettes more addictive than they should be, but in the end, you’re the one buying them, you’re the one lighting up. It’s the same with the people they profiled. I think the problems they had were alot deeper than the debt they incurred. Their spending was just a result of something else going on in their lives. I would have liked to see them probe deeper to find the cause.