MovieChat Forums > Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders (2006) Discussion > Rob Peter to Pay Paul

Rob Peter to Pay Paul

posted 16 years ago by Lamia7609
5 replies | jump to latest

I felt for the people in this film. I know what it's like to live on mac and cheese and kool aid and I don't even have any revolving debt. When I went to buy my car, when my other one finally broke down, I was denied by several lenders because I had no credit history and no CREDIT CARDS. I had bought a car, but the small bank I got my car loan through didn't report to credit agencies at the time. I paid it off in 2003 and drove til it broke down in 2006. I have a low credit score because there has been no activity on my credit for 8 years. My friend has thousands of dollars in credit card debt and they keep giving her more credit so she can dig herself in deeper. My best friends dad used his credit card infrequently and paid the balance in full every month. They cancelled his card because of "inactivity" in other words they weren't making any money off of his fiscal responsibility. What does that tell you?

This country relies on consumer spending even if they're in debt that's what this stimulus money is for. We're supposed to ignore the fact that we have car payments due and go blow it on some item we don't need. Luckily I don't have children to take care of which would cost even more. I don't know how families are making it..oh yeah...credit cards. Not everyone in America is a lawyer someone has to make your McChicken which is paying about $7.50/hr.

It's easy to pass judgment on people when perhaps you're living the good life. These people got into debt and sure they should pay it off, but not at 40% interest and now they can't even file bankruptcy to get out from under it. It's obscene. Not to mention that some people just aren't too bright and don't fully understand their fiscal responsibilities.

"Do not call the tortoise unworthy because she is not something else" -Whitman

[–] tapalmer99 16 years ago

They used the credit. They know the rules. Whether you have a large income and assets or not. There is a cost with using someone else's money. You can just NOT use it. Then you don't have to worry about the rates, penalties, or any other thing you may want to complain about.

[–] normich_chris 16 years ago

I have used credit, and I knew the rules, but I have to agree with the concensus that credit companies are intent on keeping people in debt. When a credit company can raise my rates from under 10% to over 30% with no reason other than the bank lost billions on bad home loans. Of course, when i called to complain, they said it was because i was a risky customer. No large amounts had been charged recently, no late payments (or missed payments), simply that credit companies can charge you up to 33% (or so) if they feel like it or need to recoup their losses off of other losers. Needless to say, the card is paid off, I mailed them an angry letter disapproving of their own poor money management skills, and intend to never use credit again unless it is through my credit union (mortgage, when I need a car loan, etc.). The rules, tapalmer99, is that credit companies have formed an oligopoly and are sticking it to the consumer. Government will not step in because they are powerless against corporations, and the consumer is having their rights ripped away by Republicans foaming at the mouth for a campaign contributions from these large companies.

Please remember Tapalmer99, a lot of people in debt are there due to illness, lay-off, or the death of the source of income. Some people worry more about feeding their children than they worry about rates, penalties, etc.

But, you strike me as someone who developed a misinformed opinion and will stick to it because you heard it on Fox news, or you feel this is your original idea and do not want to bother putting your views under the microscope.

[–] heftizzle 16 years ago

What does fox news have to do with this? Did you see the black woman with the big glasses? At the end all she cared about was getting that money. She will fall into the trap over and over again because she does not care to earn money to pay it back. The Political Party affiliation has nothing to do with this. I am currently in the same trap and I am doing all I can to pay if off, regardless if I spent that money or not. You should not be able to say you can't pay it back when you really can. I am for the new bankruptcy laws. You should not have two care, a huge house, and god know what else and say you can't pay your debt back. That is just wrong.

[–] Arvin-G-Borkar 8 years ago

Every American SHOULD have a piece of shelter, a mode of transportation, a phone, and food.

I DO NOT WANT TO HEAR IT!

These are the necessities to live in a first world country and THOSE should not be stripped from you, no matter how poor and lazy you are.

Political party has A LOT to do with it. Obesity rates went up under Bush and now this. Watch the food documentary Fed Up. One of his people also exploited the WHO to not allow them to put a daily servings percentage on sugar. Because of this, obesity rates and diabetes have skyrocketed. NEVER ELECT A REPUBLICAN IN OFFICE!

THERE IS NOTHING TO FEAR. COLLEGE FOOTBALL IS HERE!!!

[–] Arvin-G-Borkar 8 years ago

First off, I had two friends, Peter and Paul. I did not rob Peter, nor did I pay Paul a cent.

Now to your post.

People in debt should not have to pay an overwhelming interest rate; however, I think it would be appropriate to have them pay at least something. I mean the reason for the interest is just so lender can get their money back. It's like me lending money to you and I have no idea if you are ever going to give me it back. Then I get furious because now I need that money to spend it on something and you have it. Since this is the case, now I need to force you to give it back to me. The forcing is through a higher rate or interest and I am HOPING you will give it back to me!

THERE IS NOTHING TO FEAR. COLLEGE FOOTBALL IS HERE!!!