2008 Woodie Awards
Documentary Cautions Against Consumer Debt
Kara Aranas
Issue date: 5/4/07 Section: News
"There are some things money can't buy. For everything else, there's 29 percent," mocked a commercial in the documentary by Eric Stern titled "In Debt We Trust," screened on May 1 in the J.W. Smith Student Center.
The hour-long documentary talks about the seriousness and varieties consumer of debt in the country, the possible options for Americans to avoid it and to possibly get out of it. Stern uses examples ranging from credit card debt to military debt, student debt, and even shopping.
In the film Stern unveils how credit card companies deceive their users by adding extreme rewards to make it more appealing. An example he uses is the American Express black card, which enables the user to charge up to $300,000 annually. In addition to that, these "black card holders" are privileged to shop at an exclusive store that is only meant for those who are able to afford such luxuries.
"We are doomed to shop until we drop," said a consumer who is interviewed in the film. By inserting a clip from CSPAN of a heated Sen. Edward Kennedy said that "$5 billion [is] going to these credit card companies," Stern emphasizes that debt is becoming a national crisis.
The film states that most families will never pay back their mortgage because of constant re-financing. Natural disasters such, as Hurricane Katrina, played a major role in the loss of homes and drastically affected the victims' financial situation.
Bankruptcy is also discussed in the documentary. "More than two million Americans went bankrupt in the year 2005," says Charles Juntikka, a bankruptcy attorney interviewed in the film.
Among those that fell to bankruptcy was film producer Joel Sucher and actress Lorraine Bracco, who starred in the hit TV show "The Sopranos." Bracco explained that although people may think that celebrities and the affluent never experience any financial dilemmas, it is quite the contrary. "We're just like regular people; we have problems too," says Bracco.
The hour-long documentary talks about the seriousness and varieties consumer of debt in the country, the possible options for Americans to avoid it and to possibly get out of it. Stern uses examples ranging from credit card debt to military debt, student debt, and even shopping.
In the film Stern unveils how credit card companies deceive their users by adding extreme rewards to make it more appealing. An example he uses is the American Express black card, which enables the user to charge up to $300,000 annually. In addition to that, these "black card holders" are privileged to shop at an exclusive store that is only meant for those who are able to afford such luxuries.
"We are doomed to shop until we drop," said a consumer who is interviewed in the film. By inserting a clip from CSPAN of a heated Sen. Edward Kennedy said that "$5 billion [is] going to these credit card companies," Stern emphasizes that debt is becoming a national crisis.
The film states that most families will never pay back their mortgage because of constant re-financing. Natural disasters such, as Hurricane Katrina, played a major role in the loss of homes and drastically affected the victims' financial situation.
Bankruptcy is also discussed in the documentary. "More than two million Americans went bankrupt in the year 2005," says Charles Juntikka, a bankruptcy attorney interviewed in the film.
Among those that fell to bankruptcy was film producer Joel Sucher and actress Lorraine Bracco, who starred in the hit TV show "The Sopranos." Bracco explained that although people may think that celebrities and the affluent never experience any financial dilemmas, it is quite the contrary. "We're just like regular people; we have problems too," says Bracco.
Viewing Comments 1 - 2 of 3
DJ
posted 5/05/07 @ 12:03 AM PST
Who is Eric Stern?
This film was made by Danny Schechter.
Debt settlement
posted 4/15/08 @ 1:05 PM PST
Well yes, there are some things that money can't buy and yet we are a nation addicted to debt. Is "addiction" too much said? There are many people struggling to handle their finances, there are also many people that fail handling their finances. (Continued…)
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