Deadly Debt
Are you maxed out on your credit card? You need to watch this documentary: "Maxed Out." I am not sure how long this video will be on-line. View it while you can.
Then go here: www.DaveRamsey.com.
I would not send a child to college without having the child see this video. If you have a teenager who has not yet turned 18, but who will become a target of the credit card companies the day he or she does, make sure your child you watches this video. Then discuss it. Alternatively, buy or rent the DVD and then schedule family time for a viewing.
If you are a high school teacher (juniors and seniors), get the DVD and show it to your students over two days. (You may want to skip the foul-mouthed stand-up comedian.)
Am I exaggerating its importance? Watch the first 15 minutes. At least get through the parents' story of their daughter's suicide. That's the first suicide story. There are others later in the video. The card companies targeted them during freshmen orientation week at college.
I am age 65. In 1959, my high school civics teacher warned us about personal debt, before Visa and MasterCard got into the business. I never forgot what he told us. I never got in a debt jam. The only multi-year debts I have ever had were for a new car in 1971, which I never did again, and mortgages for my homes.
Get a debit card. Spend only what you deposit. The only reasons for using a credit card are: (1) when you pay off the account at the end of the month (but a debit card will do this more safely); (2) a life-and-death emergency; (3) to get a credit rating by buying something you already have the money for, and then pay it off in three months.
You are responsible for what you sign, including debt. Don't expect anyone to bail you out. Don't trust the government to help you. There are no free lunches.
Budget: it's a noun; it's a verb. It's crucial.
The video includes a brief section of a sermon on tithing by Jerry Falwell. It is not there as a joke. When people tithe, they learn to save. Lifetime savers rarely get into the credit card trap. I have always followed his advice as an adult. I have never had a major money problem, even though I did not start out with money, especially when I worked my way through grad school. A word to the wise is sufficient.
Watch this movie. Please.
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