Maxed Out: Covering US Consumer Credit Card Practices
Thursday, August 2, 2007
Maxed Out is a great video and book covering the aggressive nature of banks and credit card companies.
It covers everything from
- How credit card companies prey on college students with credit card offers even if they know the students have no way to pay them back
- How some credit card companies hold checks to make payments late and charge late payment fees, overdraft fees, and . You can learn more about Providian Financial online
- How it is far easier for companies to file for bankruptcy than individuals, especially since 2005
- How the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was written by MBNA - a leading credit card provider
- How that law and others end up forcing many Americans into a lifelong debt, and cause those who are near the edge to fall off once something bad happens (like medical issues, debt, car accidents, etc.)
- How reservist military members had to file bankruptcy because their pay was cut when they were placed on active duty in Iraq for 23 months straight
- How inaccurate many consumer credit status databases are, and how Suze Orman has a deal with Fair Isaac
- How large banks are fueling the payday advance loan industry by infusing those companies with large sums of cash