What Consumers Don’t Know About Credit

What consumers don’t know about credit can really, really hurt them, according to James Scurlock. Scurlock produced the excellent new documentary, Maxed Out, as a result of Scurlock’s quest to find out why America can’t get itself out of debt. Scurlock’s Newsweek article this week makes five points: 1) A high credit score doesn’t necessarily mean you can pay your debts; it just means you have lots of available credit. 2) Banks will lend you more than you can afford to pay back because they make most of their profits on the least responsible consumers. 3) Bankruptcy is not an...

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