Wednesday, December 05, 2007

In Debt We Trust

Credit Cards... We can't live with them; we can't live without them. Do you pay off your cards every month? Even if you are in the minority who do, this somewhat over-sensationalized documentary could still be worth your time.

I appreciated the balance in credit advice. Some argued to not even have credit cards, while other people interviewed recommended for new college students to have one credit card with a limit of $500 that would be increased by $500 each year in hopes that young adults would slowly learn to use their credit wisely by controlling spending habits.

Interestingly, this film predicted problems in the subprime lending sector, a reality that is now affecting financial markets around the world.

In related news this week, Congressional leaders are holding hearings with bankers regarding credit card policies and practices--Credit-Card Cos. Defend Practices ( / AP, 4 December ‘07, Dibya Sarkar).

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