Movie: Maxed Out

I just watched the DVD Maxed Out tonight based on a recommendation from a friend. I had no idea Dave Ramsey made a few appearances in this movie, quite the coincidence.

This was an eye opening documentary on the practices of the Credit Card industry and some common business models for debt collection companies that either work to collect on debts owed or buy bad debts with the plan to collect on the debt and turn a profit for their business, at ANY cost as displayed in this movie. While it does concentrate on the predatory practices of both parties mentioned above, it does not get into the other side of it, the people like you and me that use the cards and those people who use them in very irresponsible ways.

Some of the people interviewed suffered tremendous loss as the result of these practices by the lenders or collectors, while directly or indirectly, it shows how desperate people can become over money and debt.

There is also some very interesting information about Suze Orman disclosed, we have all seen her shows, her TV appearances or read her books. She has some sound advice, but preaches the importance of a FICO score over and over again. That score is based on nothing more than how much debt you are currently in or have access to and your repayment history, nothing more. You would think someone like Suze that preaches to get yourself out of debt and take control over your life and money would not preach so heavily on the FICO score when it is based on debt.
Come to find out she has business partnership with MyFICO.com, see this 2007 press release from Fair Isaac, which IS FICO. Interesting to say the least...

I recommend you rent this or buy a copy and watch it and share it with your family and friends. See the link to the right for more information or to buy a copy directly from Amazon yourself.