For this month’s Color of Money Book Club selection, I’m doing something a little different.
I’m recommending both a movie and a book. And trust me: Both will have you rethinking the deep dependence so many of us have on credit.
The twofer this month is the feature-length documentary “Maxed Out” and a companion book, “Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders” (Scribner, $24).
The movie opens in select markets beginning Friday. I think every high school at least should find a way to get the film shown to its student body.
James D. Scurlock, author and director of “Maxed Out,” hopes to do with the overselling of credit what former Vice President Al Gore has done for global warming – elevate people’s consciousness about a terrible threat to our existence. In this case, it’s our financial well-being.
The book and the film examine the proliferation of debt in America. Among others, Scurlock interviews debt collectors, pawnbrokers, people in debt and the people who have watched loved ones struggle with debt. I laughed when Scurlock showed old black-and-white clips of students being taught how hard it is to qualify for credit. You have to have good character and a proven capacity to pay it back, a man tells a young boy and girl.
I was most moved by two mothers, Janne O’Donnell and Trisha Johnson, who sit side-by-side and talk about their children – college students – who committed suicide largely because of credit-card debts. O’Donnell’s son had amassed a debt of $12,000 on 10 credit cards. Johnson’s daughter was a freshman when she spread her credit-card bills on her bed and then hanged herself. She owed $2,500.
Scurlock’s book takes you along on his journey to make the documentary. He takes a few missteps in the beginning when he criticizes radio talk- show host Dave Ramsey. But when Scurlock focuses on the larger issue of easy credit, he’s right on the money.
Scurlock said his goal for the book and the movie was to “paint the story of our debt-fueled culture in broad strokes.” He says he wants to challenge the assumptions about the way we live our lives and shift the debate. “Do we really want to be in perpetual debt?” he asks.
To become a member of the Color of Money Book Club, all you have to do is read the recommended book. Then we chat online with the author.
In addition, every month I randomly select readers to receive a copy of the book, donated by the publisher. For this month’s selection, Truly Indie, the distributor of “Maxed Out,” is also giving me free movie passes for book-club readers. To win either a book or a movie pass (you can’t have both), e-mail your name and address to colorofmoney@washpost.com.
Contact Michelle Singletary at singletarym@washpost.com or c/o The Washington Post, 1150 15th St. NW, Washington, DC 20071.
