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In Debt We Trust How Money and Credit Control Your Life 2

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In Debt We Trust How Money and Credit Control Your Life 2
In Debt We Trust – How Money and Credit Control Your Life The financial crisis of 2008 is the worst financial crisis in terms of people affected and financial cost, since the Great Depression, which was experienced in the 1930’s. It began with the credit crunch in mid 2007 following the loss of confidence in the US financial system. The crisis started with the bursting of the subprime mortgages bubble, collapse of financial institutions and the bailout of companies by the government. We as Americans were not prepared for what lied ahead and due to that many of us made poor financial decisions that cost people to lose their homes, savings, jobs, and in some severe cases their lives. The program I decided to watch was “In Debt We Trust Documentary – English Documentary – How Money and Credit Card Control Your Life” on YouTube. The discussion starts by detailing the financial issues that plague Americans in todays economy, which is “debt.” The initial topic was how credit card companies persuade and bombard college students to apply for credit cards. They showed how these credit card companies market their products and services very heavily on college campuses, as it’s a good place to find new customers who are low on cash and looking for a good deal. Although getting a credit card and using it wisely may be a good idea for college students who want to build a good credit history, it can also land them in trouble if they do not practice good money management. Also within this discussion of credit card debt they explain how society has been brainwashed to want that which they cannot have/afford. People put themselves beyond their means, to buy objects and houses they cannot afford to own. Credit card companies are looked at as monsters that prey on peoples wants and needs, and turns on their customers when payments are not on time. The video states that the reason why people get into credit card debt is because they do not understand how credit cards work. People


Cited: Habbenhof, Gerrit. “In Debt We Trust Documentary – English Documentary – How Money and Credit Control Your Life.” YouTube. 23 Apr. 2013. Web. 28 Nov. 2014. Petroff, Eric. “Who Is To Blame For The Subprime Crisis?” Investopedia. 2014. Web. 28 Nov. 2014. 2008 Annual Report Essay: Breaking the Housing Crisis Cycle. Federal Reserve Bank of Cleveland. 2008. Web. 28 Nov. 2014. Aaronson, Daniel, and Eric French. “Spending, income, and debt responses to minimum- wage hikes.” VOX CEPR’s Policy Portal. 6 Mar. 2013. Web. 28 Nov. 2014
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