Putting a human face on debt

Book review: 'Maxed Out'

Excerpt:

When Wesley Wannemacher, an Ohio resident, testified at a congressional hearing earlier this month, his story of debt and hopelessness was a familiar one.

Wannemacher had maxed out his $3,000 Chase bank card to pay for his wedding and fell behind in his payments. Over six years, Wannemacher ended up owing $7,500 in interest fees, late-payment fees and over-the-limit fees on an original debt of $3,200. Even after making payments totaling $6,300, he still owed $4,400 in fees.

Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders