After watching the film Maxed Out, I tried to think of who was most to blame for the massive debt in our nation. Was it the banks preying on unknowing college students, the people who wished to live more lavish lifestyles than they could afford, those forced into bankruptcy only to re-enter the cycle? Many of the messages conveyed in the movie stuck out to me and it struck me how twisted it is for our country to make money off of others debts: "debt buying is one of the fastest growing industries on Wall Street. Banks purposefully hire employees who have worked in the retail business so that they can lure potential clients in with glamorous offers and money upfront (without looking into the small print).
However our society does need to be smarter than falling for every credit card pushed in front of us. Many gather debt by losing track of their purchases or spending to lavishly. I recently read an article from the Wall Street Journal having to do with the average price of prom these days and I could not believe proms can cost anywhere from a couple hundred to a couple thousand dollars. Here is an article from the Denver Post about the average cost of a prom. This is one great example of how young teens and parents recklessly spend for one night. Before spending so much on a dress or new pair of shoes, we need to think about the repercussions of spending.
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