If you are a visual person, learning about credit repair through active media is probably best. The Internet is filled with credit repair videos and documentaries, a few of which are worth sharing. If you are new to the credit repair world, begin your journey on our blog and by taking a look at the documentaries listed below. These resources will ensure that your steps point in the right direction.
Ah, 1960s educational films—they definitely offer an interesting look into the past. Although this old-school take on credit is undeniably cheesy, John, Judy, and Mr. Money do offer some valuable lessons about credit and its uses. Defined by Mr. Money as “man’s confidence in man,” credit is described in a basic context as something to be earned. He claims that using credit wisely is dependent upon:
- Character — Are you trustworthy? When applying for a loan, can the bank or credit lender rely on you to stick to the terms and pay your bills on time?
- Capacity — How stable is your financial life? Can you afford to repay your debts, or will you struggle? Is your job at risk? Do you already hold more debt than you can handle?
- Capital — How much savings do you have? If another area of your life changes (e.g., employment), do you have enough money in the bank to cover your commitments?
Despite its corny production value and forced acting, the principles of this documentary have stood the test of time. Although credit scoring models have changed drastically since the 1960s, good credit still relies on credit history, timely payments, and the ability to handle a financial emergency. Do yourself a favor and learn the basics with John and Judy. Credit repair is best avoided by retaining the facts early.
As we fast-forward through the 21st century, we learn the increased dangers of credit lending in this 2006 film. The American system of debt is no longer as simple as “man’s trust in man.” Rather, it is characterized as predatory at times. This piece takes a closer look at the dangers of overusing credit and lenders’ incentive to keep their customers paying for longer periods of time. This documentary illustrates credit as an industry, one that can destroy a promising future without the proper restraints.
This 2010 PBS film delves into an increasingly relevant credit concern in the U.S.: student debt. Americans hold $750 billion in student loan debt, a figure that experts say could cripple the economy just like the housing market crash. The filmmakers investigated what they called the “fast foodization” of education in the U.S.—convenient access to education funds without adequate knowledge of repayment policies or employment opportunities. For those seeking a better life, college is usually a top priority. However, this documentary aptly demonstrates how high student debt and underdeveloped curricula can lead to more hardship than happiness. Learn the dangers of credit repair and student debt by viewing this film. Education should never become a liability.
The face of credit changes with the times. Shifts within our culture and economy represent only a fraction of how credit has impacted the U.S. and will continue to shape its future. Despite these changes, financial stability has always been a necessity. Take advantage of the stories and perspectives offered in each of these films. Using credit wisely relies on a solid education—something you can earn with the right resources.