Maxed Out
Business 1001
9/9/13
Maxed Out The video “Maxed Out covered many useful and important facts that all Americans should know. While watching this video, I found three particular facts that attracted my interest. I gained the knowledge of who are most vulnerable to credit card companies, how people get into debt and how many people have filed for bankruptcy, and what the Unites States spends more money on. These three key facts have more of a meaning than most Americans know. The first key fact I found most interesting was who in America are most vulnerable to credit card companies. Credit Card companies such as Capital one and Discover target the most vulnerable, college students and people who have already been through bankruptcy. College students are one of the main targets, because they are in school working for a higher education. These students are more likely to get a high paying job when they graduate and will be able to pay these credit card companies back, as opposed to kids that go to work straight out of high school. Credit card companies also target people that have already been through bankruptcy because they can’t file for bankruptcy again and they are willing to pay the minimum payment forever. The second key fact I found most interesting was how people fall into the credit card trap and how many people have actually filed for bankruptcy. Credit card companies make everything sound good about getting a credit card but don’t show how bad it could hurt you also. Sure you have money whenever you need it, but the interest can go up to almost 50% by missing payments or even by making the minimum payment. Credit card companies target you and once you fall in the trap and find yourself in debt there isn’t much you can do. When you are in debt with credit cards you almost never catch up because of the interest. The only ways to get out of debt are to change your lifestyle or make more money to pay off your debt. Bankruptcy is an option but you
9/9/13
Maxed Out The video “Maxed Out covered many useful and important facts that all Americans should know. While watching this video, I found three particular facts that attracted my interest. I gained the knowledge of who are most vulnerable to credit card companies, how people get into debt and how many people have filed for bankruptcy, and what the Unites States spends more money on. These three key facts have more of a meaning than most Americans know. The first key fact I found most interesting was who in America are most vulnerable to credit card companies. Credit Card companies such as Capital one and Discover target the most vulnerable, college students and people who have already been through bankruptcy. College students are one of the main targets, because they are in school working for a higher education. These students are more likely to get a high paying job when they graduate and will be able to pay these credit card companies back, as opposed to kids that go to work straight out of high school. Credit card companies also target people that have already been through bankruptcy because they can’t file for bankruptcy again and they are willing to pay the minimum payment forever. The second key fact I found most interesting was how people fall into the credit card trap and how many people have actually filed for bankruptcy. Credit card companies make everything sound good about getting a credit card but don’t show how bad it could hurt you also. Sure you have money whenever you need it, but the interest can go up to almost 50% by missing payments or even by making the minimum payment. Credit card companies target you and once you fall in the trap and find yourself in debt there isn’t much you can do. When you are in debt with credit cards you almost never catch up because of the interest. The only ways to get out of debt are to change your lifestyle or make more money to pay off your debt. Bankruptcy is an option but you