When the housing bubble is collapsing and the economy begins to fully contract the average American's personal debt is even more difficult to bear. Mortgages on houses that are worth more on what they can and credit cards because of "adjustable" rate of 9% to 31% if payment is not going to guide consumers in record numbers in the closure and bankruptcy. But it is even more difficult, since the 2005 bankruptcy law changes to files (written by MBNA Bank), andare fundamental to the problem of exclusion as owners of houses are not able to meet part of their debts.
In this context, the documentary Maxed Out, which seems originally published in 2006 by James Scurlock, looks ominous prescience. Almost all the debts at home include housing also depends on credit cards to their dream homes and maintain the lifestyle is not sustainable consumption. In good times, this can mean borrowing money for a house which evaluates the bank for the constructionthe current market value (with mark-to-market, which was also used by Enron). Elevators, wine cellars, many laundries, kitchens and all the huge must for paying the decadent society that lived during the housing boom.
The documentary focuses much more on the dark side of credit history, but collectors who have put "the man" for those who have so harassed and humiliated by creditors who feel suicide is their only option.These are, of course, the stories of human interest in work, and every house is trying to stop a foreclosure or stay to repay creditors may be saved from bankruptcy, some of the most frustrating and disheartening connected.
There should be no surprise that borrowers who are unable to repay their loans on time, the most profitable customers for banks. These are the people who pay the obscenely high interest rates and late fees, payments thatDirectors for the repayment of capital, by two thirds of the profits of this bank debt credit card.
But even if homeowners run into financial difficulties and personal property of the donors no longer works, is selling the debt is not repaid lovers collection agencies, to continue the harassment / humiliation. While the collectors say they are "the people" want to get through the day, what they really are doing their best for the people, firstDifficulties in order to send them as much money as possible to repay loans that the bank knew that he would never collect, and would not have borrowed in the first place. "Feeding off the production company" would be an appropriate way to these activities, rather than "puts people first."
But this benevolent pirates of collection agencies to deal with their goals, "Walk the Plank will be" as far as possible, be drafted until their return. With the help of these psychological techniquespeople first, and extended an invitation to the inhabitants of the debtor, said to these people the chance to get up and pay what they must return to the banks. Of course, officials admit that it is never to be that consumers really need the agency to collect any money or that the money used to make these loans was created out of nothing when he was on loan, so there is actually a loan of money at all.
But the power that the concept of money to the uninformedHomeowners who can benefit from a situation of financial emergency can be devastating. The documentary interviews the families of persons () and students who have lost a loved one to suicide and humiliated by a debtor beyond their means. Were also interviewed, are the borrowers who are now in a downward spiral, in view of actions, decisions, privileges and foreclosure, and discuss their thoughts of suicide as the only way out of debt.
The two traditional responses to the stress causing situations are morecommonly called the "fight or flight", which means one is inclined to flee from a situation or have a reason to meet her. Standing up to several billion dollars of international banks and the fight against the crushing weight of debt is too much even if not often made by consumers. Much more likely to fall into a deep depression and hid the problem, even if it leads to the loss of a home closing, the bankruptcy filing, or even the renunciation of life in general.
BanksUnfortunately not, it does not matter at all, because it is precisely the environment where you make more money. Provides presence of surface to be aware of complaints about their practices and to pay hundreds of millions of dollars to the loan in squatter settlements and to practice a little 'impact very limited political power of these banks must face. But the whole banking system is the most successful ever privatize profits and socialize createdLosses, paying obscenely high premiums in good times and receiving money saving, when profits down.
When homeowners are foreclosure and bankruptcy in record numbers face, actions, judgments, precepts of wages and property values continue to lose, with a possible price increase. But what do homeowners have to show for it? Now I have more on their homes than ever will be worth it, and creating a mass of money by borrowing causes only contributes toThe rising cost of living. The banks have made money and earned a long period so that the average American, the rescue operation for the mass theft of funds homeowners and property of the debtor.
No comments:
Post a Comment