Credit problems not just users' addiction
By Carolyn Bigda
Your Money staff reporter
Posted March 11, 2007
When you watch Janne O'Donnell and Trisha Johnson talk, you almost vow on the spot to never use a credit card again. Each is a mom with a college-age child who committed suicide while loaded with credit-card debt.
Give Them Some Credit
"Sarah" and "Megan" (their names have been changed) are not alone. The average college student carries a debt of $2,226, and in 1999 a record 100,000 Americans under 25 declared bankruptcy. Others take more drastic measures — some have even committed suicide because of credit card debt.
Navigating student credit problems
By: Jacob Moon
Issue date: 10/3/01
The study reported these large debts carry a variety of costs for the students. In some cases, students are forced to drop out of school and work full time, but even more devastating are the psychological troubles resulting from unsustainable debts. These problems can even result in suicide such was the case with Sean Moyer.
For this month's Color of Money Book Club selection, I'm doing something a little different.
I'm recommending both a movie and a book. And trust me: Both will have you rethinking the deep dependence so many of us have on credit.
The twofer this month is the feature-length documentary "Maxed Out" and a companion book, "Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders" (Scribner, $24).
I was most moved by two mothers, Janne O'Donnell and Trisha Johnson, who sit side-by-side and talk about their children -- college students -- who committed suicide largely because of credit card debts. O'Donnell's son had amassed a debt of $12,000 on 10 credit cards. Johnson's daughter was a freshman when she spread her credit card bills on her bed and then hanged herself. She owed $2,500.
JuliaPR wrote:That is really sad. Credit companies don't care about anyone, they just want your money and to h*** with you.