Credit Card Debt: A Case Study

James D Scurlock’s “Maxed Out” focused on the revolving use of credit cards to charge now and pay later and the fact that once the credit card was maxed out another one was sent from the credit card companies and the whole process begins all over again. Scurlock’s essay made the reader aware of the downfalls and hardships that can occur when credit cards are constantly used for purchases compared to Kevin O’Donnell’s “Why Won’t Anyone give Me a Credit Card”.

The United States lending industry’s main focus has become accentuating profits; therefore, they have made it impossible to live without a credit card in today’s economy and to avoid being taken advantage of by the banks. James Scurlock, director and producer of the film, “Maxed Out”, devotes his movie to informing the audience of the credit card system and its many flaws and gives examples of people who are majorly affected by the pressure the lenders apply. Throughout the movie, numerous statistics, and expert testimonies are presented, as well as comparisons and appeals to emotion. Through the use of this support Scurlock, is able to convey his overall message and propose numerous minor arguments that clarify

Richard Fairbank and Nigel Morris, both diligent entrepreneurs, started laying the bricks for their eventual successful company, Capital One, in the late 1980’s. They both worked in the Virginia-based “Signet Bank”. Fairbank started noticing trends in the financial industry that he felt Signet was missing out on. These opportunities were in the credit card industry. He, as well as all of Signet Bank knew that the credit card industry was very risky, but Fairbank was ready to take a chance in this, what can be, highly profitable field.

I've attached the following documents for your approval in regards to payments made to your community debt since the date of your separation in 2013. We received your National Federal Credit Union Bank Statements for the period of 2013-May 2015. However, we did not realize that your statements were double sided when scanning them into our system. As such, I was unable to cross reference your community debts with your bank statements for said time period. I was able to still input your payments from the other statements (Military Star/ NFCU Credit Cards/Car loans) into a spreadsheet, but would like a copy of the bank statements again, just to double check. Also, please be advised that you can cross reference the statements

In the case of student loan debt crisis, radical change/action would be the act of rejecting what is usually sanctioned by society as a means of acquiring funds to pay for college and rejecting terms in which many currently default student loans were made. According to text, the Occupy movement first became educated on how the banking and collection systems deals with loans, the shelf life of loans held by banking systems, the banking and collection systems view of the debtor, the overall life cycle distressed debt and the true value of the transactions that occur between the banks and collection companies. Secondly, the movement delivered a public message concerning the debt crisis problem, which also included a realistic action plan on how

Kelsey Griffith, a soon to be Ohio Northern University graduate will also begin paying off her $120,000 student debt while working her two restaurant jobs and moving in with her parents. That doesn’t very pleasant now, does it? There are more than $1 trillion in student loans outstanding in this country, and an increasing number of borrowers are struggling to pay them off. There is a current balance of $902 billion of nationwide federal student loans. Furthermore, an additional balance of $140 billion in private student loans, none of this drowning in debt chaos would be happening if college was simply free to everyone just like dozens of other countries such as Germany, Brazil, Finland, Austria, Norway etc. Making the universities of the United states tuition free would actually be way less costly however none of this is mentioned. College debt is clearly a huge problem and there are a few things that can be done to help.

Maxed out is a documentary written and directed by James Scurlock investigating debt in America and shows how the credit and lending issues are affecting society. This documentary shows how banks, credit card companies and other creditors intentionally market to people who are more likely to have problems paying their debts such as full time college students, previous bankruptcy filers and people with visual behavior weaknesses. However, the poor and uneducated are not the only ones effected by debt traps. In today’s society almost everything it purchased on credit from every day households to the government. The average household debt has been steadily rising for decades, millions of people in America have simply accustomed themselves to

The towering prices of college tuition is an avid cause for the overwhelming ignorance in America. U.S. leaders once hoped that 60 percent of the U.S. population would have college degrees by 2025. Today in 2017, it is closer to 30 percent. Not only do tuition costs dig deep financial holes in a student’s life, the pressure of making the investment causes unnecessary, avoidable stress. Students around the world flourish without the financial commitment. Students in America- the land of the “free”- need the same financial freedoms and opportunities to thrive and contribute to mankind in the changing world of today.

Credit card debt is one of this nation’s leading internal problems, and it has been for around the last 3-4 decades. When credit was first introduced, and up until around the late 1970’s up to today, the standards for getting a credit card were very high; so not everybody could get one. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much like myself). The national credit card debt for families residing in the United States alone is in the trillions (Maxed Out). The average American family has around $9,000 in debt, and pays

It is not a secret that the cost of higher learning never comes cheap. As many students coming out of high school rely on student loans to pay for their post-secondary education, they do not realize how difficult paying off an average Canadian graduate debt load would be. According to business financial, the average payback for student debt takes approximately 14 years however, for some people it may be less than five years after the student graduates.

As my days start winding down in high school, I have made my choice to attend Fort Hays State University for the upcoming fall. It is only two hours away from home while also being the most affordable four-year college in Kansas. I have set high standards to graduate with no debt and I will accomplish this with the hard working attitude that my father has engraved in me. With the average cost being $14,000, It is very possible to graduate with no debt, but it will take hard work. The average student debt in 2016 came out to be $37,172( U.S. Student Loan Debt Statistics for 2018). Although most people say it is okay to be in debt after college, I want to be different.

We as americans seem to have a very serious problem. By doing some research I have been able to conclude some intresting ideas on what to do to fix our debt problem. First of all we need to stop bwing in wars, the more that we lose the more that we are going to be hurt and deeper in the hole of debt we will go. Second we need to stop paying our RETIRED U.S. presidents so much money it's not helping the fact that they get so much. We need to also need to stop buying so much imported goods. If we can accomplish these simpe tasks we can fix a lot of our debt problems and be a better country.

I believe the debt facing America is one of America's largest problems to this day. America is over 18 trillion dollars in debt. Politicians always speak of reducing the debt, however it has not been done. The debt of America has not even been paused for an extremely long time. According to, taxpolicycenter.org only 55% of Americas spending is mandatory. This means that America may be able to reduce spending by 45%. The main priorities America spends it’s money on is social security, unemployment, food and agriculture, transportation, medical and health care, and veterans benefit. These things are very important, but it makes one wonder, where is the other 45% going? Citizens of America has always said that America, indeed the best country

Whilst a critical part of consumer spending, credit card companies are constantly accused of malicious legal contracts and schemes to increase profits. Without heavy regulation, these companies have the power to bankrupt millions of Americans that rely on credit cards in their daily lives. However, after the introduction of The Credit Card Act of 2009, these accusations represent an inability to accept responsibility for financial blunders on the consumer’s behalf. Due largely in part to the government’s strict regulations, credit card companies should not be at fault for the student credit card debt crisis. Credit card companies remain blameless for student credit card debt as a result of

The explosion of credit card use among college students has woven itself into the fabric of campus life ultimately impacting how students interact and begin in the financial industry. As students gain more freedom away from home they often begin to experience various social changes. One area in particular that is cause for concern is the number of students incurring credit card debt. Due to growth in credit card usage and the rise of debt, the ideas discussed in this paper represent the growing need to evaluate credit card company solicitation efforts aimed at students and how to begin negotiation to amend these practices. Through mediation, the focus will be to investigate if college students receive ample education on credit and