Mon, Nov 23, 2009
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Name:
Teigh
Comment: I saw this film a few months ago. IT'S A MUST SEE and it available via their web site. Anybody with credit card debt should definitely watch this documentary to understand that minimum payments will make you a slave to that card for life. Credit reporting agecies are making sales pitches to the department of motor vehicles, your local power company, and your local phone company. Once they have collected all this information on you, if you make one late payment (let's say your phone bill) your credit card interest rate can be raised to the default rate (usually 32%). The crazy part is what happens when you default -- your debt is written off in I think 3 months and then it's sold to a collection company. Whatever they get they keep, your life becomes filled with drama, and two corporations have made some serious cash off you. It's a must see documentary, especially in light of the national foreclosures via sub prime lending.
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