Required Reading: Maxed Out
Maxed Out: Hard Times, Easy Credit, and The Era of Predatory Lenders by James D. Scurlock should go on your reading list if you have any debt or are considering taking on any debt.
Chapter 6, on debt-collection tactics, is particularly informative. Interesting tidbits include “The statute of limitations for most debts is only seven years, unless you make a payment — any payment — in which case the clock resets itself” (p. 129) and “…credit card companies are now inserting clauses into their cardmember agreements that make the cardholder liable for charges made by any member of their household, whether authorized to use the card or not” (footnote, p. 134).
Reading this book makes me thankful for having always been extraordinarily averse to debt and for being close to paying off the last of my student loan.
drupagliassotti @ May 22, 2007