bichonmom wrote:It's really amazing that these things happen in this country. It is shocking, infuriating and heartbreaking. If they talked about 3 people in the movie who committed suicide, just imagine how many others have, too. The attitude of those CAs made me want to scream.
However, I think this film is a bit bias.
I think the problem with lending stems from two areas, lenders who engage in predatory lending and consumer who are not using credit wisely. I blame lenders for jacking up rates, charging obscene fees, engage in subprime lending, etc. I also blame consumer for using credit when they clearly have no means to repay it. Obviously I wasn't talking about those that got hit with unemployment, medical bill, divorce, or things they have no control of. I am talking about college students who use credit like it wasn't their own money, using credit to gamble, etc. While I blame lenders for praying on these people, to say lenders are at fault for 100% is a false statement.
I personally think there should be a mandatory finance class in high school. Just like how high school exit exam is mandatory for graduation, teaching how banking and lending work are important for survival in society.
I find this movie bias because it bashes lender side nonstop without taking a closer look at consumer side.
trumpet-205 wrote:I personally think there should be a mandatory finance class in high school. Just like how high school exit exam is mandatory for graduation, teaching how banking and lending work are important for survival in society.
I wish they had taught personal finance in math class in high school instead of advanced trigonometry. I have never used trig since leaving high school and because I didn't have personal finance classes, I had to learn how to handle money on my own. Unless you are lucky enough to be born into a family with excellent money management skills with parents who are willing and able to teach you what they know, you are pretty much on your own in this country. I'm lucky that I discovered Suze Orman a few years ago or I may never have learned to handle money and credit properly.
Starting Score: TU: 566
Yes, the documentary does not address personal responsibility, individual choice, free will, except perhaps that at some point it's mentioned that some believe the constitution protects a person's privacy. As the documentary points out, it doesn't.
Along these lines I recently came across two articles about how people think of the governing of the national household, historically and presently, sometimes perceived as an entirely other world from the social benefits they receive.
"Spending like this is simply unsustainable, and it's time to cut up Washington, D.C.'s credit card, ... But the reality of life here is that ... many ... continue to take as much help from the government as they can get."
Even Critics of Safety Net Increasingly Depend on It
"60 percent of those who benefit from the home-mortgage interest deduction didn't think they had ever used a government social program. Fifty-three percent of those with student loans didn't think they had used one. Among Social Security beneficiaries, 44 percent thought themselves unsullied by the touch of government, and among Medicare beneficiaries, 39 percent said the same."
The invisible welfare state of the top one percent
Can it be that such disconnect would have people inadvertently support the same public servants that the credit companies do as noted in the documentary?
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