Image courtesy of Truly Indie		MAXED OUT:  Hard Times, Easy Credit and the Era of Predatory Lenders
		If financial institutions pay the rich for being rich and penalize the poor for being poor, then where in the hell is Robin Hood when we need him?  It’s no secret that the majority of Americans are up to their eyeballs in credit card debt; but, the question filmmaker James Scurlock addresses in his new documentary is why.  In Maxed Out, Scurlock takes a humorous, yet heartfelt look at the reasons why most of us will die of old age before we even come close to paying off those evil little pieces of plastic.
Scurlock, a graduate of the Wharton School of Business, is obviously no stranger to the fiscal world.  Spurred by the vision of all the politicians whom appeared on television in the days following 9/11 to tell the American public they needed to keep spending, Maxed Out documents the reasons why our government, banks and credit card companies are setting up their customers to fail financially.  Scurlock’s film mainly disproves the common myth that people only get into financial trouble because they are irresponsible.  But, this isn’t always the case.  More often than not, the more credit people are given, the more credit they need.  When they inevitably fall behind, the financial lending institutions charge exorbitant late fees, over-the-limit fees, and ridiculously high interest rates to drive their profits.  But, it doesn’t stop there….  Credit card companies pay millions of dollars each year to colleges for personal information on all of the 18 year-olds who are now able to apply for their first credit card.  It’s become a hunting expedition in which financially uneducated teens are preyed upon by the allure of material wealth, often with disastrous results.  Without question, the subject matter of Maxed Out is a serious problem that needs to be addressed.  Scurlock’s documentary includes the standard assortment of personal testimonies, such as the mentally retarded man goaded into refinancing his home who can barely sign his name in block letters, interviews with the parents of college students who committed suicide because of their credit card debt, and the disillusioned Las Vegas real estate agent who believes that the appearance of having wealth (represented by her own $5.5 million McMansion that she won’t be able to afford if interest rates go up) means that she will eventually be wealthy.  But, Spurlock also takes the time to interview Alan Greenspan, consumer advocate Bud Hibbs, investigative journalist Mike Hudson, Harvard Law Professor Elizabeth Warren, senator Richard Shelby, and countless others in order to shed some light on the main causes of America’s financial crisis.  Predictably, Scurlock’s interviews with the ruthless collectors and the constant reminders of the extreme measures the financial industry will go to in order to maintain their influential hold over the government and Congress doesn’t exactly paint a flattering picture of the credit card companies.  Yet, even though the film’s message can be a little tough to stomach at times, it is still a message that we all need to hear.  Fortunately, Scurlock softens the blow by adding a little humor to the mix, especially the funny black and white clips of an outdated financial advisor guru known as “Mr. Money.”  However, the most obvious missing element of Maxed Out also happens to be the most important…a solution to this financial mess.  Scurlock does cover some critical information about the information business:  how collectors use personal information as power over debtors, how 90% of all credit reports are inaccurate, and how your right to privacy only protects you from the government – not big business.  But, what really needs to be done and will have the most impact on the future debtors of America has yet to be implemented.  We have to start educating teenagers about the importance of financial responsibility as well as the dangers of credit cards, marketing ploys, and mass consumerism long BEFORE they turn 18 and begin the traditional downward spiral of financial ruin.  The national debt clock is already at $700 trillion and growing by the second.
Here’s something else to think about.  If the goal of the financial lending institutions is to compound $2 of interest for every $1 of principal charged, then why does the mafia only charge 10%?  Maybe Tony Soprano should look into that…. © Kelly Bartley 2007			Image courtesy of Truly Indie
Running Time:	90 minutes
Release Date:	March 9, 2006
Distributor:	Truly Indie
Genre:	Documentary