Maxed Out

If you get bored, love to read or have a significant problem with credit card debt, you have to read "Maxed Out." Also a a movie by the same name, this book explores the sub-prime credit dilemma and reveals a banking industry that is actually targeting people who are at risk to default. While it is both maddening and frustrating, you have to read till the end. Congress continues to be in cahoots with the financial masterminds, creating a disappearing middle class and increasingly huge gap between the very rich and the very poor.

Banking used to measure your earnings with regard to your obligations to determine your credit worthyness. Now banks will send you an unsolicited check for $5000 at 19% interest. Recent law changes have allowed banks to change their strategy and charge exhorbinant amounts of interest. Borrow some loot and miss a payment? Now banks can charge you overdraft, late, not-on-time, early payment and other fees at rates they set. Gone are the days of the $10.00 NSF fee. Now $50.00 for being a few hours late on an online payment are the norm. Don't believe me? Read the book.

Once again the government has made the corporation stronger than the citizen it is supposed to protect. Without campaign contributions to fight for representation in Washington, we will continue to be exploited for TRILLIONS of dollars in bank fees that didn't exist 20 years ago. From a business standpoint, banks and credit card companies (now the same thing) are killing it. From a moral standpoint, both our trusted lenders and leaders are failing to do the right thing.

Cut up those cards, go to the library and read this book. You are warned...