In Debt We Trust
Americans spend more money than they make and that's the modern trend in today's society. This stems from the fact that it is so convenient to live this way but it is also a progressive danger to consumers and the economy.
The public faces a daily barrage of advertisements for credit cards and lending options and it filters down to everyone in all walks of life. In 2005 alone, the top 10 credit card companies spent over 2 billion dollars in advertising.
Commercials have been shown to use subtle and creative messages to tap into your subconscious desire to spend money but no attempts are made to educate individuals about any fiscal responsibilities. The situation is even worse when you realize that many companies have inflated interest rates, they overcharge on late fees, and some often misappropriate confidential consumer information such as you personal credit history.
Looking at the dilemma of this debt crisis begs the question of what is going wrong. A big element is the fact that rising costs of healthcare, housing, education, and consumer goods hurts so many and credit and lending play a significant part here. The federal government is another factor that does not favor the consumer and hurts you more than it helps. Recent bankruptcy reform initiated by President Bush now makes it more difficult for persons to file bankruptcy and recover from financial hardship. Powerful lobbyists in Washington are very influential in helping to manipulate fiscal policies and financial institutions are the number one contributors to political campaigns.
There really isn't any happy ending in sight to this widespread problem but there is a growing light at the end of the tunnel. Consumer advocate groups are becoming more prominent nowadays and their attempts at debt education and awareness are steadily working their way into mainstream society. Any type of help whatsoever is productive and necessary for everyone affected and this keeps the hope alive that we can eventually make significant progress in overcoming our huge dependency on borrowed money and credit.
`In Debt We Trust' really appealed to me because it was quite comprehensive in how much material it covered and because it was presented in an easy to understand and straightforward manner. For informational and educational purposes, I would seriously recommend this documentary to everyone.
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