Hard Times, Easy Credit and the Era of Predatory Lenders
Maxed Out takes us on a road trip that is sometimes hysterical and often horrifying: from Las Vegas to the Bible Belt, from the backwoods to inner cities, where the world's largest financial giants troll for their next victims. Welcome to a country populated by debt pirates, corporate predators, human credit card billboards, debt evangelists, megamillion-dollar spec homes, and, of course, trillions of dollars of easy credit.
Combining startling facts with even more startling examinations of individuals, institutions, the government, and modern religion, James Scurlock separates the myths (there is "good debt" and "bad debt") from the harsh reality (corporations partner with colleges to target today's youth; credit reports are riddled with errors that will never be fixed; and death, for many of those in trouble, is the only way out).
At a time when the financial industry posts ever-higher profits even as its clients drown in the flood of easy credit, Scurlock exposes very real, potentially disastrous systems and policies that are consuming millions of Americans. Maxed Out takes readers on a wickedly smart and entertaining tour of what one interviewee calls "the last taboo."
James Scurlock: Maxed Out
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Reading Group Guide
James D. Scurlock offers a groundbreaking look into the culture of debt that has been institutionalized over the past generation. From Washington, DC to Macon, Mississippi, to Beverly Hills, CA, Scurlocks reveals the breadth and depth of America's dependence on easy credit to finance war efforts, tractors, mobile homes, to acquire the best body and face that plastic surgery can provide and, of course, to keep the American Dream -- home ownership -- a reality. Scurlock builds a compelling case that the individual is not solely to blame for rising consumer debt, just as irresponsible "gamers" are not the cause of skyrocketing bankruptcy rates and the now-infamous "subprime" borrowers did not precipitate the international credit crisis ; indeed, Scurlock uncovers how revolutionary changes in the banking, credit, and debt collection industries virtually ensure that consumer debt continues to mount, month after month, in order to realize double-digit profit growth. But, Scurlock argues, the financial industry has not changed the laws of mathematics; they have only postponed the day of reckoning. It is now up to individual Americans to re-examine their lifestyles in the context of new definitions of financial success and security. Ultimately, each of us must decide if the American Dream can really be purchased with easy credit.
1. What does Scurlock mean when he says that debt is the only product of the banking indust see more