Lifestyle Debt - In The Movies (Part 2)

Lifestyle Debt - In The Movies (Part 2)

Lifestyle Debt - In The Movies (Part 2)

The new hard-hitting documentary, "In Debt We Trust" by Danny Schechter investigates the reasons why so many Americans are being strangled by debt. The former Ronald Reagan advisor, Kevin Phillips called it "financialization", which is the 'powerful emergence of a debt-and-credit industrial complex.'

It took America 25 years to move from a production driven society to a consumption based one, where the mall replaced the factory and many Americans "max out" on their credit cards for basic living expenses. America owes trillions in consumer debt, with billions of the national debt being owed to Communist China.

Big banks, camouflaging their association through front groups and subsidiaries, earn tens of billions of dollars from the poor by offering rip-off home loans with exorbitant interest rates. Soldiers coming back from Iraq are being exploited en masse by payday lenders, while college students are forced to pay higher interest rate loans, graduating with more than $20,000 in loans.

Says Danny Schechter: "Debt is a problem involving millions of people and billions of dollars, but still it is downplayed and rarely discussed in all of its disastrous dimensions." Debt will ultimately lead to the disappearance of the working middle class, due to the transfer of wealth from the working people into the accounts of the relatively small number of financial institutions and real estate interests.

In Debt We Trust Facts Sheet (adapted):

Total consumer debt of Americans: $3,000,000,000,000 Average debt per U.S. household: $30,000 Households' not paying off their credit card balances each month: 60% Average length of time, in months, spent paying off credit card debt: 43 Consumer bankruptcies in 1980: 287,463 Consumer bankruptcies in 2004: 1,500,000 Increase in bankruptcies: 422%

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