After seeing Maxed Out (a documentary) mentioned on several websites, I decided to check it out. What better way to spend a Saturday night than cuddling up on the couch and watching a movie about debt, right? The film, by director James Scurlock, provides an insider’s view of debt collectors and the credit card industry. In all honesty, as a user of credit, the documentary was a bit scary to watch. I’ve seen enough documentaries to know to take everything I see with a grain of salt but even if only a portion of what was presented is true, it is definitely the right time to stop using credit.

One of the facts that I found most disturbing was that MBNA, who is now owned by Bank of America, helped to write the Bankruptcy Abuse Prevention and Credit Protection Act of 2005 (BAPCPA). According to an article that appeared in the Journal of Economic Issues, “MBNA (one of the country’s largest issuers of credit cards) spent more than $17 million lobbying Congress from January 1999 to June 2004 for reform.” Now I’m not trying to support bankruptcy as an easy way out or the right decision for everyone, but knowing that credit card companies, those that would benefit from more stringent bankruptcy laws, had a major hand in the passing of the bankruptcy reform act. Food for thought, indeed.

Dave Ramsey, author of The Total Money Makeover and Financial Peace Revisited, has several scenes in the show. The documentary’s creator not only interviews Ramsey, who tells of his own personal financial woes, but also has some clips from his call-in radio show. Ramsey fans everywhere will be pleased to see his inclusion in the film.

This documentary is not a light and fluffy look at debt and the credit card industry; it is a serious examination of the flaws of credit and at times can move a viewer to tears. For anyone who is considering a move to get out of debt, I highly recommend the film Maxed Out.