Download PDF Maxed Out: Hard Times, Easy Credit, and the Era of Predatory Lenders
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Maxed Out: Hard Times, Easy Credit, and the Era of Predatory Lenders
Download PDF Maxed Out: Hard Times, Easy Credit, and the Era of Predatory Lenders
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Product details
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Audible Audiobook
Listening Length: 4 hours and 59 minutes
Program Type: Audiobook
Version: Abridged
Publisher: Simon & Schuster Audio
Audible.com Release Date: March 5, 2007
Language: English, English
ASIN: B000O3GYE4
Amazon Best Sellers Rank:
To his credit, Mr. Scurlock righly points out that under the current laws, the banking industry targets the poor and uneducated with this country with predatory tactics, with impunity.On the downside, this book is full of assertions (including statistics)and strongly held opinions, but except for occasionally mentioning an author or book he recommends, the author has NO documentation (formal citations, footnotes, index, etc) for his many assertions. Instead, the book is a rambling litany of anecdotes, which are likely atypical, as he points out that he searches hard to find interviewees to make many of his points.However, reading this, two important points crystallized in my mind, as far as potential solutions (Scurlock doesn't offer real solutions, he just bemoans reality):a). Whether it be the litany of books, pieces on television such as PBS, etc. or the frightening statistics such as the massive level of credit card debt in this country(over $9000 per household), or modern economic theory (which believes that credit cards with their long payoff periods cause us to overspend) -- it seems like the LONG TERM debt that credit cards (especially high rate cards) allow is a fundamental problem. Implementing a maximum payoff period of say 12 to 18 months as a law, after some sort of warning period to prepare folks in debt -- could fundamentally alter the landscape (though it would take political courage by congress, so is highly unlikely).b). Given the dramatic rise in personal debt over the past 25 years, which has largely mirrored the dramatic use of credit cards -- consumer debt might well be THE primary reason for the growing wealth inequality in this country. Bringing back some reasonable level of usary laws, to limit the predatory behavior of banks and short term lending institions, should help curb this massive growth of high interest debt among the poor.
Very interesting read. You can learn a lot about the practices of lenders and get a quick snapshot of common americans, who are totally baffeled by credit terms, but totally driven by the need of money. Some stories deserved their fate, but some, as the stories described them, are victems of a lending system that preys on the ignorant with legal talk and slight of hand mathematics.You'll learn lessons that will protect yourself.
I am 80 years old and yet I have never thought about debt as a product or the way it has been promoted in this country.I am of the old school and very rarely have ever paid any interest on my credit card accounts or "buying on time". My wife and I have owned our own home ever since we bought our first home in the late 50's with a GI Loan for 4.5%. With a few instances we have never had much debt and then it was for brief periods. We have had home mortgages, but we consider that "good" debt.We have taught my children about our thoughts on debt and especially credit cards and how insidiously tantalizing they were and are.We have requested that both our children read our copy of this book as a way of changing the way they also think about debt.
Thank you for writing this book, James Scurlock.I was held hostage with outrageous fees by some credit card co's for many years .I am free now and found I can live very well without credit cards.If the day ever comes that I do want one, I will only consider getting one from USAA. They answer to their members, not shareholders.You stated on page 22 of your book there are fees for going over the limit which is true. But many times going over the limit doesn't even involve buying a thing. One can get over the limit fees when their available credit limit is lowered and loan shark interest fees are piled on. If you can't pay the balance off, you can easily find yourself stuck in debtors prison!As for debt buyers, I wish more experts would warn people about the interest these agencies charge, and not agree to anything until they know exactly what they are getting into. Be very wary.I was scared and alone and agreed to make monthly payments on a debt to a debt buying agency .I believed for many months I was repaying the debt they said I owed, only to find out $1700.00 later that my debt was not being reduced but was actually increasing because of the interest they were charging and keeping me in the dark about that fact . It wasn't enough for Citibank to get over a decade of payments from me, and know I was trying to send as much as I could. They had to squeeze out all they could by selling a balance that they knew was all interest and fees. And they know I had paid the original balance more than once! They made a lot of money on my ignorance. Now they send me more offers of credit which I shed!I was in such a fog at that time in my life and felt so much shame and guilt I didn't even realize for many months how many years I had actually paid on that card.Suicide crossed my mind, but was not a serious thought.I was wrong to get into debt, but nobody deserves the treatment these co's and debt buying agencies pile . The "punishment" doesn't fit the "crime"I'm on the right track now . Thanks to you and wonderful people like Elizabeth Warren who have helped me a great deal. You have both been so kind to respond to my emails.Thank you!
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Maxed Out: Hard Times, Easy Credit, and the Era of Predatory Lenders PDF
Maxed Out: Hard Times, Easy Credit, and the Era of Predatory Lenders PDF
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