Just watched the trailer to maxed out. A doccumentary about debt and the evils of the credit industry. What is the truth? Is credit card debt really unsecured or is there a back door where you are screwed if you get into debt? I do know former corporate execs who hit a bad patch..Unemployment, Divorse, Illness and needed to live on credit cards..Now some of them have 200K + in debt and no viable income. What can happen to them?
2007-04-07 04:43:53 · 3 answers · asked by corporatetrade 2 in Business & Finance ➔ Personal Finance
Credit cards are "UNSECURED" loans because the creditor (the credit card company) does not have anything of value that you own as a collateral.
If you don't pay, eventually, your debt will go to collection, taken to court, receive a judgment for payment, or into bankruptcy, all depends on amount, circumstances, and your ability to pay. (not willingness - ABILITY)
Remember, you can avoid all this by not spending more than you can pay. If you are not paying off your balance every month, consider it a danger sign. If you need a loan to make large purchases, there are MUCH better loans out there.
2007-04-07 04:54:18 · answer #1 · answered by tkquestion 7 · 0⤊ 0⤋
Maxed Out Movie Questions
2017-01-18 12:05:57 · answer #2 · answered by degeorge 4 · 0⤊ 0⤋
The same thing that happens to anyone who lives on their credit cards. It's hard to take on a lower lifestyle but the bills still have to be paid. Credit cards make it easy to have the cash for the mortgage, car notes, etc.
2007-04-07 04:56:23 · answer #3 · answered by kanijas 2 · 0⤊ 0⤋