Spent: Looking For Change (Documentary)

Summary

Highlights

• Justin faces challenges cashing checks and dealing with fees due to lack of banking access. 🏦
• Tiffany struggles to maintain financial stability after quitting her job to care for her sick mother. 🤕
• Alex and Melissa encounter unexpected expenses after their son's autism diagnosis and Alex's illness. 💊
• Debbie's entrepreneurial dreams are hindered by lack of credit and high student debt. 🎓
• Families are caught in payday loan cycles, unable to break free due to expensive fees and interest. 📉

Key Takeaways

• Millions of Americans lack access to traditional banking, pushing them towards costly financial alternatives. 💸
• Check cashers and payday loans fill the gap but often trap users in a debt cycle. 🔄
• Financial instability affects average Americans, not just those in severe poverty. 🏘️
• Innovative solutions like community lending and new credit scoring methods can provide hope. 🚀
• The financial struggles depicted show the importance of inclusive banking systems. 🏦

Overview

Chapters

• 00:00 - 05:00: Introduction and Overview of Monthly Expenses The chapter titled 'Introduction and Overview of Monthly Expenses' provides a dialogue that includes a casual interaction between two people discussing a debt repayment. The debt amount is confirmed to be $360, which one person intends to pay in full. The conversation shifts focus to monthly expenses, highlighting that the expenses are mainly business-related. Additionally, there are mentions of miscellaneous expenses for children, such as field trips and lunch money.
• 05:00 - 10:00: Struggles with Debt and Financial System Challenges This chapter delves into the struggles faced by individuals grappling with debt and the challenges presented by the financial system. It presents a vivid image of daily expenses that burden people, including gas, electricity, and various types of insurance. The dialogue highlights the constant cycle of paying off one bill only to encounter another, emphasizing the stress of managing big and small expenses, like phone bills and outings for entertainment. The narrative underscores the pressure of maintaining financial stability, illustrating how monthly expenses can reach up to $3,500, often leaving individuals with minimal funds to manage their lives. This situation leads to considerations of swapping resources or finding alternatives to meet financial obligations.
• 10:00 - 15:00: Personal Stories: Justin's Challenges The chapter covers Justin's personal struggles, emphasizing the anxiety and overwhelming feeling of dealing with massive debt.
• 15:00 - 20:00: Tiffany, Alex, and Melissa's Financial and Health Struggles The chapter dives into the financial and health struggles faced by Tiffany, Alex, and Melissa. It emphasizes resilience and determination, as the characters discuss their challenges and the necessity of persisting despite difficulties. The narrative portrays their unwavering commitment to making things work, regardless of the obstacles. Additionally, the chapter captures a moment of light-heartedness, as a race is proposed, illustrating a brief escape from their struggles, even if just momentarily.
• 20:00 - 25:00: Debbie's Business Aspirations and Credit Struggles The chapter titled "Debbie's Business Aspirations and Credit Struggles" focuses on Debbie's difficult upbringing and her determination to overcome financial challenges. Growing up in poverty, Debbie experienced the hardships of relying on welfare and food stamps. She recalls the disparity she felt on the first day of school, wearing second-hand clothes from Goodwill while her peers wore new outfits. Despite these early challenges, the chapter highlights the resilience and ambition that Debbie developed, setting the stage for her future aspirations in business. Justin's story of building a small production company is also briefly mentioned, indicating a contrasting narrative of overcoming a tough past to achieve some level of success.
• 25:00 - 30:00: The Impact of Credit and Loan Challenges on Life Choices The chapter explores the significant influence that credit and loan challenges can have on an individual's life choices. It follows the story of a man who is determined to start a new life with his girlfriend, Brittany. He expresses his desire to provide for his entire family and ensure they do not have to worry or want for anything. He is committed to buying a ring and proposing to Brittany to make her his wife, highlighting his intentions to overcome financial obstacles and build a future together.
• 30:00 - 35:00: The Cycle of Payday Loans and Financial Hardships The chapter focuses on the financial struggles of Justin, a professional videographer. Despite having a thriving business shooting videos for corporate clients, he faces financial challenges. This is due to his reliance on payday loans and check cashing services as he mentions leaving downtown after getting client checks to cash them uptown. Despite his hard work and the success of his business, he still finds himself caught in a cycle of financial difficulty.
• 35:00 - 40:00: Impact of Financial Struggles on Family and Education This chapter highlights the challenges faced by families like Justin's, who are among the 70 million Americans without access to traditional financial systems. As this demographic grows, more individuals find themselves outside the mainstream financial world, affecting aspects of daily life including education. The chapter touches upon the direct impact on schooling as seen in a classroom scene where students engage in basic arithmetic, potentially reflecting financial literacy struggles as well.
• 40:00 - 45:00: Innovations and Solutions for Financial Inclusion The chapter discusses the importance of being a child's first teacher and instilling values of hard work and self-belief. It emphasizes the teachings of financial responsibility such as saving and paying debts. The narrator highlights personal experiences of financial management including the use of savings accounts, 401(k)s, and credit cards with favorable limits as solutions for financial inclusion.
• 45:00 - 50:00: Conclusion: Hope and the Future of Banking In the concluding chapter titled 'Hope and the Future of Banking,' the narrator emphasizes the significance of education and personal aspiration in shaping the future. They express a desire to leave a lasting legacy for their daughter by prioritizing her education, such as ensuring she spends an hour on math and 30 minutes on reading each day. The narrator's commitment to their daughter's success is further highlighted by the decision to enroll her in a private school, underscoring a refusal to compromise on educational quality. The chapter encapsulates the broader theme of investing in the next generation to build a hopeful future, akin to investing in the future of banking.

Spent: Looking For Change (Documentary) Transcription

• 00:00 - 00:30 [door opens] - HEY. - HOW YOU DOING? - GOOD, HOW ARE YOU? - GOOD. - I OWE YOU MONEY. - YOU GONNA PAY THE WHOLE BALANCE? - YEAH, WHICH IS 360? YEAH. - YEP. - 1, 40, 60. - HOW MUCH WOULD YOU SAY YOU SPEND IN EXPENSES EVERY MONTH? - THE MONTHLY EXPENSES ARE PRIMARILY BUSINESS EXPENSES. - MISCELLANEOUS STUFF FOR THE KIDS, BE IT FIELD TRIPS, LUNCH MONEY--
• 00:30 - 01:00 - GAS MONEY. - 60, 80, MAYBE 100 BUCKS A WEEK IN GAS. - ELECTRICITY. I HAVE INSURANCE. - DENTAL INSURANCE, HEALTH INSURANCE. - MEDICINE. - MEDICINES FOR THE KIDS. - AND AS ONE BILL GETS PAID OFF-- - THE NEXT MONTH, IT'S MORE MONEY. - FOR FOUR PEOPLE TO GO TO THE MOVIES, IT'S OVER 100-- - 150 FOR PHONES. - A LOT OF LITTLE EXPENSES AND THEN BIG EXPENSES. - WOULD I BE ABLE TO DO, LIKE, A SWAP OF MACHINES TO GO TOWARDS THIS? - EVERY MONTH, WE SPEND ANYWHERE FROM $2,800 TO $3,500. - SOMETIMES I'M LEFT WITH HARDLY ANYTHING.
• 01:00 - 01:30 - SOMETIMES IT'S NAIL-BITING. IT'S A ROLLER COASTER. - I HAVE ALL THIS MASSIVE DEBT BEHIND ME, AND IT FEELS SO OVERWHELMING. - WE ALL WANT TO GET THE MOST OUT OF LIFE. - [laughs] - A GREAT FAMILY, AN EDUCATION, A BUSINESS, A HOME... - IT'S A THREE-BEDROOM/FOUR. - BUT FOR A GROWING NUMBER OF AMERICANS, THE PRICE OF GETTING AHEAD IS HIGHER BECAUSE OF A FINANCIAL SYSTEM THAT LEAVES MILLIONS UNDERSERVED. - YOU JUST HAVE TO KIND OF TUCK YOUR CHIN
• 01:30 - 02:00 TO YOUR CHEST AND KEEP GOING FORWARD. - DON'T GIVE UP EVEN WHEN YOU WANT TO. - THERE'S NOT EVER THE OPTION TO NOT MAKE IT WORK. I HAVE TO. - YOU READY? - YEAH. LET'S RACE. - [laughs] YOU GOT NO CHANCE, BABY.
• 02:00 - 02:30 - I GREW UP DIRT POOR. WE WERE ON WELFARE. WE WERE ON FOOD STAMPS. I REMEMBER THE FIRST DAY OF SCHOOL. YOU KNOW, EVERYBODY'S ALWAYS GOT THEIR BEST GEAR ON. EVERYBODY'S READY FOR THE FIRST DAY OF SCHOOL, AND MY BEST GEAR CAME FROM GOODWILL. I OFTEN LOOK BACK AT MY LIFE. FROM AN EARLY AGE, THERE WAS A LOT OF WANTING AND DISAPPOINTMENT. - DESPITE HIS TOUGH PAST, JUSTIN'S BUILT A SMALL PRODUCTION COMPANY
• 02:30 - 03:00 AND WANTS TO START A LIFE WITH HIS GIRLFRIEND, BRITTANY. - NOW THAT I'M AN ADULT AND I'M MAKING IT, I WANT TO CARRY MY WHOLE FAMILY ON MY BACK, SO NOBODY EVER HAS TO WANT OR WORRY. I LOVE YOU. HAVE A GOOD DAY. SEE YOU LATER. I LOVE BRITTANY. I'M GONNA BUY A RING, AND I'M GONNA MAKE HER MY WIFE. I'M GONNA DO THE THINGS THAT WILL TAKE US THERE.
• 03:00 - 03:30 [beep] - HE MAKES A GOOD LIVING SHOOTING VIDEOS FOR CORPORATE CLIENTS. - I SEE A LOT OF POTENTIAL WHERE WE'RE AT AND WHERE WE'RE GOING. - BUT WHILE BUSINESS IS GOOD, JUSTIN'S AT A DISADVANTAGE. - I GET CHECKS FROM CLIENTS, AND I LEAVE THE LUSTER AND GRANDEUR OF DOWNTOWN, AND I GO UPTOWN RIGHT INTO THE CHECK CASHING PLACE. I'M DOING GOOD. I'M TIRED, BUT I'M GOOD.
• 03:30 - 04:00 - JUSTIN IS 1 OF 70 MILLION AMERICANS WHO LACK ACCESS TO THE TRADITIONAL FINANCIAL SYSTEM. AND AS THAT NUMBER GROWS, IT INCLUDES MORE AND MORE PEOPLE WHO ONCE LIVED IN THE MAINSTREAM. - VERY GOOD, OKAY, NOW WRITE THAT NUMBER DOWN 'CAUSE WE'RE GONNA SUBTRACT. SO WE REALLY-- - 236 TAKE AWAY 149. MY TOTAL ANSWER IS 87. - [snaps fingers]
• 04:00 - 04:30 YOU COOKING WITH CRISCO. - ALL RIGHT. - TAKE YOU A MINUTE TO COOK THE MEAL, BUT YOU DOING A GOOD JOB. YOU HAVE TO BE YOUR CHILD'S FIRST TEACHER. I TOLD YOU, YOU COULD DO IT, AND I BELIEVED IN YOU. YOU JUST HAVE TO APPLY YOURSELF AND WORK HARD. MY MOM TAUGHT ME, "PAY WHAT YOU OWE AND SAVE." SO I SAVED. SAVINGS ACCOUNTS, 401(k)s, CREDIT CARDS WITH WONDERFUL LIMITS.
• 04:30 - 05:00 I WANTED TO HAVE SOMETHING TO LEAVE FOR MY DAUGHTER. WE KNOW WE NEED AN HOUR OF MATH EVERY NIGHT, AND WE KNOW WE NEED AT LEAST 30 MINUTES OF READING EVERY DAY. I WANT HER TO BE ABLE TO FIND SUCCESS IN WHATEVER HER DREAMS ARE. I CHOSE TO PUT HER IN PRIVATE SCHOOL BECAUSE I DON'T WANT TO EVER COMPROMISE ON HER EDUCATION. I LOVE YOU. HAVE A GREAT DAY. - LOVE YOU. - BE GOOD. GOOD LUCK ON YOUR TEST.
• 05:00 - 05:30 - TIFFANY WORKED AS A NURSE TO PROVIDE FOR HER FAMILY AND BUILT A NEST EGG FOR HER DAUGHTER'S FUTURE. - MY 401(k) WAS ALMOST 100,000. LIFE WAS GOOD. I WAS LIVING THE AMERICAN DREAM. - HEY, HONEY? - YEAH? - YOU WERE RIGHT. THERE'S A LITTLE TOO MUCH WATER. [laughter] - WELL, THEY'LL BE CREPES.
• 05:30 - 06:00 - SOME OF 'EM WILL BE CREPES, AND SOME WILL BE PANCAKES. - DUDE, I LIKE IT. - [laughs] - WHEN MELISSA FIRST MET ALEX, HE HAD A CAREER IN THE MUSIC INDUSTRY AND WAS DOING WHAT HE LOVED MOST. - I LOVE THIS THING. - AFTER ONE OF THE SHOWS, I WENT UP AND TALKED TO ALEX. AND WE KIND OF HIT IT OFF. - NO "KIND OF" ABOUT IT. WE JUST HIT IT OFF. - WE HIT IT OFF. ABOUT TEN WEEKS AFTER OUR FIRST DATE, HE ASKED ME TO MARRY HIM. JUST LIKE EVERYTHING ELSE IN OUR LIFE,
• 06:00 - 06:30 THE FAMILY THING HAPPENED PRETTY QUICKLY. - WITH TWO KIDS AND TWO INCOMES, ALEX AND MELISSA HAD A HEALTHY, HAPPY HOME. - TIMES WERE GOOD. EVERYONE WAS DOING WELL. AND THEN OUR REALITY CHANGED OVERNIGHT. - THEIR SON WAS DIAGNOSED WITH AUTISM. SHORTLY AFTER, ALEX WAS DIAGNOSED WITH MULTIPLE SCLEROSIS. - IT WAS TERRIFYING, AND THEN WHAT HAPPENED WAS, IS I FOCUSED ON THE KIDS. DOES IT MATTER? - YES.
• 06:30 - 07:00 - [chuckles] WHICH ONE DO YOU WANT TO GET? - GO BURLINGTON. - BURLINGTON? - GO BURLINGTON. - NOT TODAY. NOT TODAY. THEY-- WHAT ARE WE DOING TODAY, JONAH? LOOK AT MOMMY. - STAY HOME. - STAY HOME. - I CAN TELL YOU TO GO, AND I CAN SCHEDULE IT, BUT IF YOU DON'T GO-- - MA, YOU GOT-- HE HAS TO TEST YOUR EYES. I HAD JUST GOTTEN A NEW JOB. HE HAS TO-- I HAD STEADY INCOME. BUT THEN MY MOM WAS DIAGNOSED WITH CANCER.
• 07:00 - 07:30 THAT'S MY NUMBER ONE PATIENT. HOW CAN I TAKE CARE OF SOMEBODY ELSE WHEN I HAVE MY MOM SUFFERING AT HOME? - TIFFANY DECIDED TO LEAVE HER JOB, SO SHE COULD FOCUS FULL-TIME ON HER MOTHER'S HEALTH. - I THOUGHT THAT I COULD COME BACK TO THE WORKFORCE AND JUST PICK UP WHERE I LEFT OFF. - THE PICTURE OF THE FINANCIALLY UNSTABLE IS A PICTURE OF YOU AND ME BUT FOR A COUPLE OF BREAKS.
• 07:30 - 08:00 - BETWEEN ALEX'S ILLNESS AND JONAH'S DIAGNOSIS, THIS BECAME THIS HUGE EXPENSE THAT WE HAD NO CONTINGENCY PLAN FOR, WE HAD NO SAVINGS FOR. - ALEX'S ILLNESS AFFECTED HIS ABILITY TO WORK, AND HE WAS FORCED TO GIVE UP HIS JOB. SO THEY DID WHAT MANY AMERICANS DO AT THEIR BANK. - IF A BILL CAME UP AND WE NEEDED TO PAY FOR THE POWER OR THE CABLE, WE KNEW WE COULD GO AHEAD AND WRITE A CHECK AND IT WOULD CLEAR. - WHEN A CUSTOMER WITHDRAWS MORE MONEY THAN THEY HAVE IN THEIR ACCOUNT,
• 08:00 - 08:30 THEY CAN GIVE THEIR BANK PERMISSION TO COVER THAT COST WITH AN ADDED FEE. THIS IS CALLED OVERDRAFT PROTECTION. - BANKS WERE INCREASINGLY LOOKING FOR PROFITS FROM THESE CLASSIC CONSUMER CHECK ACCOUNTS. - SOME CUSTOMERS DIDN'T MAKE MONEY FOR BANKS, SO THEY FOUND OTHER WAYS TO MEET COSTS. - WHAT MOST BANKS WERE DOING AS A CUSTOMARY PRACTICE WAS THIS CHECK REORDERING, OR IT'S ALSO CALLED HIGH-LOW CHECK SEQUENCING. - WHEN ALEX AND MELISSA PAID THEIR BILLS,
• 08:30 - 09:00 THEIR GROCERY AND STUDENT LOAN CHECKS CLEARED OKAY, BUT THE PRICE OF POWER WENT UP, AND THAT BILL EMPTIED THEIR ACCOUNT. ONE OVERDRAFT FEE, $35. BUT IF ALL THREE DEBTS POSTED ON THE SAME DAY, THEIR BANK HAD SOFTWARE THAT REORDERED THEIR PURCHASES-- POWER BILL FIRST, THEN LOAN, THEN GROCERIES. THREE OVERDRAFT FEES, $105. - THE FEES BECAME SO MUCH. PAYDAY WOULD COME, AND WE'D BE BACK TO ZERO.
• 09:00 - 09:30 - EVENTUALLY, WHAT THE BANK WILL DO IS BOOT THEM OUT OF THE SYSTEM AND CLOSE THE ACCOUNT BECAUSE THEY FEEL LIKE THEY'RE NOT GONNA RECOUP THEIR DEBT. - IF BANKS CAN'T KEEP THOSE CUSTOMERS, THERE'S AN ALTERNATIVE THAT WILL. EVERY YEAR, OVER 30 MILLION AMERICANS USE CHECK CASHERS. AND FOR MANY OF THEM, THE SERVICE WORKS. - THEY'RE OPEN LATER. THEY REMEMBER MY NAME. THEY'RE OFFERING A "WE CAN GET YOU WHAT YOU NEED RIGHT NOW" KIND OF SOLUTION. - A HUGE AMOUNT OF BUSINESS GETS DONE AT CHECK CASHERS BECAUSE PEOPLE CAN GET THEIR MONEY RIGHT AWAY,
• 09:30 - 10:00 AND THEY NEED THEIR MONEY RIGHT AWAY. - WE'VE ALL HAD TO WAIT A COUPLE OF DAYS FOR A CHECK TO CLEAR. IT'S BECAUSE WHEN A BANK CLEARS A CHECK, IT HAS TO BE SCANNED, VERIFIED, AND PROCESSED BY A SYSTEM THAT WAS BUILT IN THE ERA OF ROTARY PHONES. MOST WESTERN NATIONS HAVE FOUND FASTER WAYS TO CLEAR OUR FUNDS, BUT NOT THE U.S. SO AMERICANS HAVE TO WAIT. - THREE TO FIVE DAYS FROM NOW ISN'T ACCEPTABLE FOR TENS OF MILLIONS OF AMERICANS. IF YOUR LIGHT'S GONNA GO OUT TOMORROW, YOU NEED TO BE ABLE TO HAVE THAT CLEAR NOW.
• 10:00 - 10:30 - I'M NOT EXACTLY SURE WHEN IT'S GONNA CLEAR, AND I HAVE TO PAY MY BILLS. YOU GO TO THE CHECK CASHER. YOU GET THE MONEY BACK, MINUS THE FEE. YOU HAVE THAT MONEY IN YOUR HANDS RIGHT AT THAT MOMENT. - IT'S NOT AN IRRATIONAL CHOICE. IT'S JUST NOT A PRODUCTIVE CHOICE, AND IT'S A COSTLY CHOICE. - UNDERSERVED AMERICANS SPEND THE SAME PERCENT OF THEIR INCOME ON FEES AND INTEREST AS THE TYPICAL AMERICAN FAMILY SPENDS ON GROCERIES.
• 10:30 - 11:00 THAT AMOUNTS TO $89 BILLION A YEAR. - AND YOU ARE ALL SET. - AS A WAY TO AVOID FEES, ALEX AND MELISSA DECIDED TO LIVE ON CASH. - WE HAVE CASH ON HAND, AND THAT'S THE MONEY THAT WE HAVE. THIS IS ALL WE CAN SPEND. SO WHEN THE MONEY RUNS OUT, THAT'S IT. - ON PAYDAY, IT'S GETTING TO THE PLACES,
• 11:00 - 11:30 SO I CAN GET THE BILLS PAID ON TIME. - HI, HOW ARE YOU? - GOOD. I'M HERE TO PAY THE POWER. THANKS SO MUCH. - TAKE CARE. NOT A PROBLEM. HAVE A GOOD ONE. - BEING UNBANKED IS REALLY SOMETHING LIKE HAVING A PART-TIME JOB. - I PROBABLY SPEND 1/4 TANK TO 1/2 TANK OF GAS DRIVING AROUND AND PAYING BILLS.
• 11:30 - 12:00 - YOU'RE GONNA SPEND MORE MONEY AND MORE TIME DOING THINGS THAT PEOPLE WHO ARE IN THE BANKING SYSTEM TAKE FOR GRANTED AND USUALLY DO FOR FREE. YOU GO TO A CHECK CASHER, YOU ARE AUTOMATICALLY HAVING TO PAY SOMEBODY TO GET YOUR MONEY. NOW YOU WANT TO PAY A BILL. WELL, YOU HAVE A WAD OF CASH. HOW ARE YOU GONNA PAY YOUR BILL? - HOW CAN I HELP YOU? - HOW YOU DOING? I JUST NEED TO PUT SOME MONEY ON THIS CARD. - MONEY IS BECOMING MORE AND MORE DIGITAL, WHICH MEANS THERE ARE LESS PLACES THAT ACCEPT CASH. THAT MAKES LIFE FOR THE UNDERSERVED EVEN MORE EXPENSIVE.
• 12:00 - 12:30 - WE HAVE A PREPAID DEBIT CARD, AND THE MONEY THAT'S ON THE CARD IS REAL CASH. IT'S CASH THAT I DIRECTLY HAND THE PEOPLE, AND THEY TURN IT INTO FAKE MONEY FOR ME. IT'S CONVENIENT, YOU KNOW, IF YOU DON'T HAVE A BANK ACCOUNT, YOU CAN STILL DO EVERYTHING EVERYBODY ELSE DOES, BUT YOU GET TAXED. - JUSTIN NOT ONLY PAYS A FEE TURNING HIS CHECKS INTO CASH AND HIS CASH INTO A CARD, HE PAYS A FEE FOR EVERY PURCHASE HE MAKES. - THERE'S THE TRANSACTION, AND THERE'S A BUCK, AND THE TRANSACTION AND A BUCK AND A BUCK ALL THE WAY DOWN THE BOARD. MAN, IT JUST KILLS YOU. VERY QUICKLY, YOU CAN LOSE
• 12:30 - 13:00 80 BUCKS A MONTH CASHING YOUR CHECKS AND ANOTHER 100 BUCKS A MONTH SPENDING YOUR MONEY. - OVER THE COURSE OF HIS CAREER, JUSTIN COULD SPEND UP TO $40,000 JUST TO TURN HIS PAYCHECKS INTO CASH AND ANOTHER $30,000 USING HIS CARD. - AND THAT'S JUST NOT HOW YOU GET AHEAD. IT'S NOT HOW YOU THINK ABOUT THE FUTURE. - THIS IS, LIKE, FULLY HAND-STITCHED. - WHAT? - AND, YOU KNOW, I HAVE TO, LIKE, STITCH EVERY SINGLE-- I HAVE TO MAKE EVERY SINGLE HOLE BEFORE I STITCH IT. - ARE YOU S-- - YEAH, LIKE, EVERY SINGLE ONE.
• 13:00 - 13:30 - DEBBIE IS A DESIGNER STRUGGLING TO GROW HER BUSINESS, BUT SHE IS USED TO OVERCOMING ODDS, LIKE BEING THE FIRST IN HER FAMILY TO GRADUATE FROM COLLEGE. - MORE THAN BEING PROUD FOR MYSELF, I WAS HAPPY THAT I COULD MAKE MY PARENTS PROUD. - WHEN SHE WAS 14, SHE EMIGRATED FROM ARGENTINA WITH HER PARENTS. HER FATHER WORKED CONSTRUCTION, AND HER MOTHER CLEANED HOMES. - BOTH MY PARENTS ARE, LIKE, PEOPLE WHO WORK REALLY HARD AND SACRIFICE THEIR WHOLE LIVES.
• 13:30 - 14:00 - DEBBIE APPLIED HER PARENTS' WORK ETHIC AND PUT HERSELF THROUGH COLLEGE WITH STUDENT LOANS, THEN STARTED HER OWN BUSINESS MAKING LEATHER BAGS BY HAND. - MY MOM SAID, "YOU WERE THIS TALL. "YOU CAME UP TO ME AND ASKED ME FOR A NEEDLE AND THREAD." SHE GAVE IT TO ME, AND I STARTED MAKING CLOTHES FOR MY DOLLS.
• 14:00 - 14:30 SO I FIGURED OUT HOW TO SEW ON MY OWN WHEN I WAS FOUR YEARS OLD. - AFTER SIX MONTHS, HER BAGS ARE STARTING TO SELL. - NOW I'M EXCITED. BEAUTIFUL. - CROSSBODY. - LOVE IT, LOVE IT, LOVE IT. - RIGHT? AND WAIT, CHECK THIS OUT. - PERFECT. - I CAN SEE ALL OF THESE STORES, AND I CAN SEE MY COMPANY GROWING. I CAN SEE IT. - YOU KNOW HOW TO GET OUT, RIGHT?
• 14:30 - 15:00 - YES, I DO. - BUT BECAUSE STUDENT LOANS HAVE WEAKENED HER CREDIT, DEBBIE'S DREAM HAS A LIMIT. BANKS USE CREDIT TO MEASURE A PERSON'S ABILITY TO REPAY A LOAN. THEY LOOK AT A LIMITED SET OF DATA: LENGTH OF CREDIT HISTORY, PAST LOAN PAYMENTS, AND DEBT. IF YOU'VE NEVER TAKEN OUT A LOAN OR LINE OF CREDIT, YOU'RE INVISIBLE TO THE CREDIT SCORING SYSTEM. - I THOUGHT I WAS BEING RESPONSIBLE BY NOT HAVING CREDIT CARDS. AND WE ALREADY HAD A LOT OF FRIENDS WHO WERE
• 15:00 - 15:30 REALLY GETTING INTO THAT TRAP OF MAXING OUT A CARD, SO YOU GOT TO GET ANOTHER CREDIT CARD AND ANOTHER CREDIT CARD, AND WE DIDN'T WANT TO GO THAT ROUTE. - NOT HAVING A CREDIT CARD MAY HAVE SAVED ALEX AND MELISSA FROM DEBT, BUT IT HURT THEM WHEN IT CAME TIME TO GET A LOAN. - WE TRIED TO BUY A CAR. WE WENT TO A CAR DEALERSHIP, AND THE CAR DEALERSHIP TOLD ME, "YOU WOULD MORE LIKELY GET A MORTGAGE THAN YOU'D BE ABLE TO BUY A CAR." AND WE REACHED OUT TO A BANK TO SAY, "OKAY, LET'S SEE IF WE CAN GET A MORTGAGE."
• 15:30 - 16:00 AND THEY SAID, "OH, YOU'D NEVER BE ABLE TO GET A MORTGAGE. YOU SHOULD TRY TO GET A CAR." - THERE ARE LOTS OF FINANCIAL TRANSACTIONS ONE UNDERTAKES THAT ARE NOT ACTUALLY TRACKED IN THE CREDIT SYSTEM. AND SO PEOPLE WHO LOOKED LIKE A HIGH FINANCIAL RISK MIGHT NOT BE. - WHEN A BANK LOOKS AT A BORROWER, IT DOESN'T SEE THEIR MONTHLY BILL PAYMENTS OR RENT OR HARD WORK. IT SEES A NUMBER. AND IF THAT NUMBER'S DAMAGED BY PAST MISTAKES, IT'S VERY DIFFICULT TO RECOVER.
• 16:00 - 16:30 - PEOPLE OFTEN JUDGE ME ON THE CHOICES I'VE MADE NOT KNOWING THE OPTIONS THAT I HAD. - JUSTIN HAD TO GROW UP FAST. WHEN HE WAS A TEENAGER, HIS FAMILY FALL APART. SO AT 16, JUSTIN WAS ON HIS OWN, PAYING RENT AND WORKING EVERY JOB HE COULD JUST TO SUPPORT HIMSELF.
• 16:30 - 17:00 WHATEVER HIS PAYCHECK DIDN'T COVER, HE PUT ON A CARD. - YOU CAN'T GET TO WORK, YOU NEED TO PAY SOMEBODY GAS MONEY, YOU NEED TO GET SOME FOOD, WHATEVER I NEEDED, LIKE, THAT HAD TO GET TAKEN CARE OF THAT I COULDN'T DO. I WASN'T GROWN ENOUGH YET TO ADDRESS THESE MISTAKES AND THE SITUATION IN THE PROPER FASHION, SO, YOU KNOW, WHAT DOES A KID DO? THEY RUN. - JUSTIN STOPPED PAYING ON HIS DEBT, A MISTAKE HE'S BEEN WORKING TO OVERCOME EVER SINCE. - WHEN WE SET UP SHOOTS, WE'LL HAVE TWO LIVE CAMERAS OUT AND THE STILL, OR WE MIGHT RUN HER STILL AS A LIVE.
• 17:00 - 17:30 - AND WHILE HE'S TAKEN HIS LIFE AND BUSINESS IN NEW AND BETTER DIRECTIONS, BANKS DON'T SEE WHERE HE'S GOING. THEY ONLY SEE WHERE HE'S BEEN. - IT'S JUST FRUSTRATING BECAUSE, YOU KNOW, WE'VE WORKED REALLY HARD FOR A REALLY LONG TIME. IT'S SO HARD TO FIND A HOUSE. - YEAH. - WITH HIS LEASE RUNNING OUT, JUSTIN WANTS TO BUY THE KIND OF HOME HE NEVER HAD GROWING UP. - A LOT OF THESE PLACES ARE-- I MEAN, THEY'RE LIKE THAT. THEY'RE TOWNHOMES. THEY'RE ALL FOR LEASE. THEY'RE NEVER FOR SALE. - I CAN CHECK ON CRAIGSLIST AGAIN. - I THINK IT'S SMARTER TO CHECK ON CRAIGSLIST.
• 17:30 - 18:00 THE HOUSE THAT WE CAN AFFORD, WE'RE NOT GONNA BE ABLE TO GET IF SHE'S THE ONLY ONE ON THE PAPERS. IT'S NOT ENOUGH WITH JUST HER INCOME. BUT IF I WAS ON THE PAPERS, MY CREDIT'S SO BAD THAT IT WOULD NEGATIVELY IMPACT US, AND WE WOULDN'T GET THE HOUSE. - SO I HAVE A COUPLE THINGS THAT I NEEDED TO GET. SO YOU GUYS DO THE SMALLER ORDERS TOO, RIGHT? - YEAH. - OKAY. - DEBBIE HAS CLOSE TO $100,000 IN STUDENT LOANS. BUT EVEN THOUGH SHE PAYS HER BILL EVERY MONTH,
• 18:00 - 18:30 THE DEBT MAKES IT HARD FOR HER TO MOVE ON. - IN TERMS OF PRICING, I GUESS THAT MAKES A DIFFERENCE. - THESE ARE MORE EXPENSIVE. - THEY ARE? OKAY. - MILLIONS HAVE HAD THEIR CREDIT SCORES IMPACTED BY HAVING STUDENT LOAN DEBT, AND IT'S REALLY STUNTING FUTURE OPPORTUNITIES FOR THE NEXT GENERATION. - YOU KNOW WHAT, I DO NEED KNOBS FOR WHERE THIS STRAP GOES. - OKAY, THOSE ARE A LITTLE... both: PRICIER. - BECAUSE THEY'RE MADE OUT OF SOLID BRASS. IT'S $91.48 PER GROSS.
• 18:30 - 19:00 - I WANT TO BUILD MY CREDIT. I WANT TO BE ABLE TO BE GIVEN THE OPPORTUNITY TO HAVE SOME KIND OF CREDIT LINE. - DEBBIE'S BANK REFUSED TO GIVE HER A BUSINESS LOAN. INSTEAD, THEY OFFERED A SECURED CREDIT CARD, WHICH IS LIKE A PREPAID CARD, EXCEPT THAT IT HELPS TO BUILD CREDIT. - $34.75. - BUT THE CARD HAS A $250 LIMIT. - HOW MUCH IS THIS ONE? - TO MAKE A SINGLE BAG, DEBBIE NEEDS A HIDE, CORDING, ZIPPERS,
• 19:00 - 19:30 MAGNETIC CLOSURES, RIVETS, LINING, SEALING COMPONENTS, AND LINEN THREAD. - THIS IS DECLINED. - WHEN I GO TO GET MY SUPPLIES AND I REACH MY LIMIT, WHICH HAPPENS ALMOST IMMEDIATELY, I HAVE TO TAP INTO MY PERSONAL CASH. - WHICH IS A BIG STRETCH ON A TIGHT BUDGET. - YOUR ORDER'S GONNA COME OUT TO $110. - OKAY. - BECAUSE EVEN AFTER DEBBIE FILLS AN ORDER, SHE STILL HAS TO WAIT UP TO THREE MONTHS TO BE PAID. - I JUST SPENT EVERY LAST PENNY I HAD TO MY NAME,
• 19:30 - 20:00 AND NEXT WEEK, I ALREADY HAVE STUDENT LOANS THAT I HAVE TO TAKE CARE OF. MOST PEOPLE LIVE FROM PAYCHECK TO PAYCHECK. I LIVE FROM HANDBAG TO HANDBAG. - ENJOY YOUR DAY. - THANKS. THANK YOU. - THANK YOU. - SO THIS IS GREAT, MAN. IT'S QUIET, OFF THE MAIN ROAD, GOOD FREEWAY ACCESS. - YEAH. - MOST PEOPLE WHEN THEY'RE BUYING A HOUSE, IT'S A COMPROMISE BETWEEN PRICE AND LOCATION, AND FOR US BUYING A HOUSE, IT'S A COMPROMISE BETWEEN PRICE, LOCATION,
• 20:00 - 20:30 AND THE ACTUAL ABILITY TO GET IN, TO PASS THE PROCESS OF GETTING IN. WE CAN DO IT, BUT IT'S NOT GONNA BE EASY. WE'VE GOT TO FIND JUST THE RIGHT PERSON IN JUST THE RIGHT SPOT, AND THAT MIGHT TAKE A WEEK, IT MIGHT TAKE A MONTH. IT'S NOT GONNA TAKE MORE THAN SIX, YOU KNOW WHAT I MEAN? IT'S GONNA HAPPEN. - THINK WE CAN GET IN? - OH, IT EVEN HAS A SHED, BABY. SO THIS IS JUST A GUESTHOUSE OR WHAT? - THIS COULD BE, LIKE, AN OFFICE AREA. - WHAT? - AND THEN THAT COULD BE-- - OH, MY GOD. HOW AMAZING WOULD THAT BE?
• 20:30 - 21:00 - YEAH. - I MEAN, IF IT'S COOL INSIDE, THAT WOULD BE SO GREAT. - I'M SURE. - I REALLY LIKE IT. - I LIKE IT TOO. - WELL, LET'S GIVE 'EM A CALL. - LET'S GET THE NUMBER, YEAH. - WE'RE READY FINANCIALLY. WE'VE GOT ALL OUR DUCKS IN A ROW AS FAR AS, YOU KNOW, PROOF OF INCOME AND PROOF OF RESIDENCY AND PROOF OF BILLS. WE'RE READY. - HI, MY NAME'S JUSTIN DICKENSON. I WAS CALLING ABOUT THE HOUSE FOR SALE. [indistinct chatter on phone] - ARE YOU INTERESTED IN A FULL-TIME POSITION? - YES, MA'AM. - WHEN HER MOM GOT SICK, TIFFANY MADE A PLAN.
• 21:00 - 21:30 SHE DECIDED TO LIVE OFF SAVINGS AND RETURN TO WORK IN A YEAR, BUT SHE DIDN'T COUNT ON THE RECESSION. NOW, THE ONLY JOBS SHE CAN FIND ARE PART-TIME, AND THEY DON'T PAY HER ENOUGH TO COVER THE BILLS. - I WAS WORKING A TRAVEL ASSIGNMENT IN KINGWOOD, AND IT'S UP. - IT IS 50 MILES ONE WAY. - I ALWAYS SAID TO MYSELF, "I'M A NURSE. I CAN GET A JOB.
• 21:30 - 22:00 I'M EDUCATED." I HAVE AN ASSOCIATE'S DEGREE IN PSYCHOLOGY, A BACHELOR'S IN NURSING. THEN I HAVE AN M.B.A. - AFTER THE FINANCIAL CRISIS, WE SAW MANY MORE PEOPLE LOSING THEIR JOBS, DEFAULTING ON DEBT. - THE CREDIT SCORES, THEY JUST START DWINDLING BECAUSE I HAD TO DECIDE WHAT WAS MORE IMPORTANT. WHEN YOU'RE THE CARETAKER FOR SOMEBODY, THAT'S AN EXPENSIVE TOLL.
• 22:00 - 22:30 BUT EVERY DAY, YOU NEED TO BE TAKING CARE OF YOUR FAMILY. - PICK ONE. - OKAY. - I--OKAY. - [stutters] - I KNOW-- I KNOW THIS IS DIFFERENT. - DON'T KNOW. - WHEN ONE OF YOUR CHILDREN NEEDS MORE SUPPORT THAN YOU ORIGINALLY EXPECTED, THE ONLY THING YOU CAN DO IS PROVIDE FOR HIM THE BEST CARE YOU CAN FIND, THAT YOU CAN AFFORD. - TO GET ACCESS TO A SCHOOL PROGRAM THAT WOULD MEET HIS NEEDS,
• 22:30 - 23:00 JONAH FIRST HAD TO GET AN EXAM. - WE REALLY NEEDED A WRITE-UP TO MAKE SURE THAT JONAH GOT INTO A PROGRAM THAT WAS REALLY GONNA SUIT HIM. A LOT OF THE DEVELOPMENTAL PSYCHOLOGISTS WERE $2,500 TO DO THIS REPORT. - WITHOUT ACCESS TO CREDIT AND NO SAVINGS, ALEX AND MELISSA HAD NO WAY TO COVER THE COST. NEARLY HALF OF ALL U.S. HOUSEHOLDS LIVE PAYCHECK TO PAYCHECK AND COULD NOT COME UP WITH $2,000 IN AN EMERGENCY.
• 23:00 - 23:30 - IT'S INCREASINGLY MORE MIDDLE-CLASS PEOPLE TOO. SUDDENLY, THEY'RE IN A SITUATION WHERE THEY CAN'T AFFORD TO KEEP A BUFFER IN THEIR ACCOUNTS THE WAY THEY USED TO BEFORE. - I HAD DEPLETED MY 401(k). THAT'S HOW I PAID THE CAR NOTES, THE MORTGAGE. AND IF YOU'RE STEADY TAKING, TAKING, TAKING, AND NOTHING COMING IN, IT EVAPORATES. SO YOU GOT TO PAY ATTENTION TO YOUR NUMBERS. ARE YOU ADDING OR SUBTRACTING? THE PROCESS IS DIFFERENT. WHEN YOU'RE SUBTRACTING, THE NUMBER IS GOING TO BE LESS.
• 23:30 - 24:00 WHEN YOU'RE ADDING, THE NUMBERS GET BIGGER. MY BACK WAS AGAINST THE WALL, AND I HAD BORROWED AS MUCH AS I THOUGHT I SHOULD BE BORROWING FROM FRIENDS AND FAMILY. WHAT ARE MY OTHER OPTIONS? - IT USED TO BE YOU COULD WALK INTO A BANK OR TO A FINANCE COMPANY AND GET A $500 UNSECURED LOAN JUST ON YOUR SIGNATURE. BUT THAT PRODUCT DOESN'T REALLY EXIST ANYMORE. FINANCE COMPANIES HAVE ESSENTIALLY GONE AWAY.
• 24:00 - 24:30 SO WHAT FILLED THE GAP DURING THAT TIME? - PLUS, YOU SKIP... - WE'VE GOT THE CASH! - GIVING YOU UP TO 30 DAYS. - CASH-- all: WE'VE GOT THE GREEN! - THEY'RE EASY TO IGNORE UNTIL YOU ACTUALLY NEED THE MONEY. - GETS YOU THE MOST CASH. - IT WAS JUST ONE OF THOSE THINGS. LIKE, YOU SEE THAT IT'S THERE, BUT I DIDN'T REALLY KNOW WHAT IT WAS. - I WAS IN A STATE OF DESPERATION. OF COURSE I SEE THIS COMMERCIAL THAT LOOKS LIKE IT WILL FIX ALL OF MY PROBLEMS.
• 24:30 - 25:00 - IF YOU'VE GOT YOUR TITLE, WE'VE GOT YOUR BUCKS! - LET TITLEMAX TURN IT INTO CASH. - HIGH CASH LOANS CAN APPROVE A LOAN FOR YOU IN JUST FIVE MINUTES. - IN THE NEIGHBORHOOD WE LIVED, THERE WERE PAYDAY LOAN PLACES ALL OVER THE PLACE. - THEY CALL IT A PAYDAY LOAN BECAUSE IT'S DESIGNED TO BE PAID BACK ON THE BORROWER'S NEXT PAYCHECK. - "IF YOU HAVE A JOB AND YOU HAVE A PAYCHECK, "YOU KNOW, COME IN. SIGN UP. "WE'LL GIVE YOU THIS PAYDAY LOAN. AND THEN NEXT PAYDAY, YOU PAY US OFF." AND IT WAS LIKE, "OKAY. WELL, LET'S DO THAT." - TITLE LOANS ARE LIKE PAYDAY LOANS, EXCEPT INSTEAD OF USING YOUR PAYCHECK AS COLLATERAL,
• 25:00 - 25:30 YOU PUT UP THE TITLE TO YOUR CAR. - THE COMPANY WILL GIVE YOU A LOAN BASED ON THE VALUE OF YOUR VEHICLE, AND IF YOU DON'T PAY IT BACK, THEN THEY TAKE YOUR CAR. - I'M LIKE, "WELL, I'M THINKING ABOUT TAKING OUT "THIS LOAN ON MY CAR. HOW MUCH DO YOU THINK IT'S WORTH?" "WELL, LET'S GO OUTSIDE AND TAKE A LOOK AT IT." AND THEN THEY SAY, "OH, YOU SHOULD BE ABLE TO GET $5,000." I SAY, "OKAY. WE'LL DO THIS.
• 25:30 - 26:00 "IT'LL TIDE ME OVER, AND WHEN I START WORKING, WE'LL JUST PAY IT OFF." WHEN I FIRST GOT THE TITLE LOAN, PAID OFF THE BILLS, RENT, IT WAS LIKE A LITTLE KICK START FOR ME. - IN THE MOMENT WHEN WE NEEDED IT, I WAS GLAD THAT IT WAS THERE. BUT THEN YOU GET IN A CYCLE WHERE YOU CAN'T GET OUT OF IT.
• 26:00 - 26:30 I WOULD GET MY PAYCHECK, BUT NOW, I'M STUCK WHERE I WAS BEFORE WHERE I DON'T HAVE THAT MONEY, AND WE WERE LIVING TOO CLOSE TO THE EDGE TO NOT HAVE IT. SO WE WOULD JUST RE-LOAN. - IF THE OPTION IS EITHER PAYING OFF THE LOAN OR PAYING TO EXTEND IT, AMERICANS ON THE EDGE DON'T HAVE A CHOICE. WEEK AFTER WEEK, THE ACCOUNT COMES DUE, BUT FOR SOME, THE FEE IS MORE AFFORDABLE THAN PAYING OFF THE PRINCIPAL,
• 26:30 - 27:00 SO THE LOAN IS ROLLED OVER. IT'S HOW, OVER THE COURSE OF TIME, A SHORT-TERM LOAN CAN BECOME A LONG-TERM CRISIS. BUT EVEN AS THE FEES PILE UP, THE ORIGINAL LOAN IS NEVER PAID OFF. - AND SO THE SPIRAL BEGINS. - THOSE LOANS ARE BASED UPON THIS FALSE IDEA THAT ALL SOMEBODY NEEDS IS A LITTLE BIT OF MONEY TO GET TO THEIR NEXT PAYCHECK. THAT'S NOT WHAT'S HAPPENING. WHAT'S HAPPENING IS THAT PEOPLE AREN'T ABLE TO MAKE ENDS MEET, AND GETTING A LOAN THIS PAY PERIOD
• 27:00 - 27:30 DOESN'T MAKE THAT PROBLEM GO AWAY. IT ONLY MAKES IT A LITTLE BIT WORSE THE NEXT PAY PERIOD. - 80% OF BORROWERS ARE FORCED TO RENEW THEIR LOAN AFTER TWO WEEKS. - IF YOU'RE IN A SITUATION WHERE YOU HAVE TO GET A PAYDAY LOAN, YOU DON'T HAVE THE MONEY. YOU DON'T. YOU KNOW, IT'S TWO WEEKS TO PAYDAY, AND I'VE GOT $8, AND I GOT TO MAKE THAT STRETCH. - I GOT A JOB IN DALLAS. WHILE I WAS THERE, ONE OF MY PAYMENTS WAS DUE. SO I CALLED UP.
• 27:30 - 28:00 THEY WERE LIKE, "WE CAN'T TAKE A PAYMENT OVER THE PHONE. YOU HAVE TO COME IN." I SAID, "WELL, CAN I GO TO ONE OF YOUR SISTER COMPANIES?" "NO, YOU HAVE TO COME TO THIS STORE." SO BY THE TIME I GET BACK, FEES HAVE KICKED IN. - IT WAS A ROUTINE. I'D GO AND GET THE LOAN, PAY WHATEVER BILL IT IS, AND NOW IN TWO WEEKS, I OWE THEM THE MONEY AGAIN. - AND THEN THEY TELL YOU, YOU CAN'T MAKE PARTIAL PAYMENTS. "IF YOU CAN'T PAY THE WHOLE AMOUNT, THEN WE'RE NOT TAKING ANYTHING." - I'VE GOT 1/4 TANK OF GAS.
• 28:00 - 28:30 WE WANT TO CELEBRATE GABRIEL'S BIRTHDAY AT MY SISTER'S TOMORROW, SO THAT'S WHAT THAT 1/4 TANK OF GAS IS FOR. IF WE NEED ANYTHING ELSE, WE HAVE TO WALK. - INTEREST AND FEES IS STEADY, GETTING STACKED ON, AND IT'S GETTING HIGHER AND HIGHER. YOU ALWAYS TRYING TO RUN TO THE FINISH LINE, BUT THE FINISH LINE NEVER COME. - WE HAVE YET TO BE ABLE TO PAY THAT OFF IN FULL, AND SO OVER THE COURSE OF TIME, WE'VE SPENT ABOUT $1,700.
• 28:30 - 29:00 - HOW MUCH WAS THAT LOAN ORIGINALLY? - UM, 450. - I GOT SOME GOODIES. - THIS IS SO COOL. - OH, YEAH. I DIDN'T EVEN SHOW YOU THAT ONE. - I LOVE THIS ONE. - YOU WANT TO KEEP IT? - YES. - OKAY. - I WANT IT. I WANT IT ALL. - DEBBIE IS MEETING MORE AND MORE BOUTIQUES WHO WANT TO SELL HER BAGS. FOR ANYONE ELSE, THIS WOULD BE GOOD NEWS. - IT'S JUST BEEN, LIKE, EVOLVING. - I COULDN'T AFFORD TO HAVE, LIKE, A BIG CONTRACT COME IN
• 29:00 - 29:30 AND TELL ME, LIKE, "I WANT THIS MANY BAGS." - WHAT ABOUT THE CHAIN ONE? - THIS IS THE LAST OF IT. - OKAY. - [sighs] - 'CAUSE OF, LIKE, THE MATERIAL? - I THINK I MAY HAVE ENOUGH TO MAKE, LIKE, MAYBE ONE OR TWO MORE. - AND THEN... - AND THEN-- - MORE CLUTCHES? - THIS IS THE LAST OF IT, ABSOLUTELY. - OKAY. - TODAY, SHE HAS MORE ORDERS THAN SHE CAN HANDLE. - THE REALITY OF IT IS, I WON'T BE ABLE TO PRODUCE IT. I GOT TO DO, LIKE, THE NUMBERS AND SEE HOW MUCH IT COSTS ME.
• 29:30 - 30:00 IT'S SCARY SOMETIMES 'CAUSE IT'S-- I'M TRYING TO BUILD SOMETHING. I JUST DON'T HAVE THE MEANS. - WITHOUT CREDIT OR THE CASH TO FUND THE ORDER, SHE HAS NO CHOICE BUT TO TAKE ANOTHER JOB. - HELLO. HI, COME IN. - HI. HI, HI. JUSTIN. - HOW ARE YOU? - GOOD TO MEET YOU. - JUSTIN AND BRITTANY NEED TO CONVINCE A SELLER THAT THEY ARE CREDIBLE HOME BUYERS.
• 30:00 - 30:30 - THANK YOU FOR HAVING US. - I REALLY LIKE THE FRONT. - IT'S A GREAT SPOT. - THIS IS NICE. I LIKE IT A LOT. - WE HAVE TO FIND INDIVIDUALS WHO ARE WILLING TO WORK WITH US WHO CAN TRUST THE LAST FEW YEARS' HISTORY OF INCOME AS OPPOSED TO THE LAST TEN YEARS' HISTORY OF CREDIT. - WELL, IF IT'S STILL ON THE MARKET IN A COUPLE OF WEEKS... - RIGHT. - THEN THEY'LL-- I'M SURE THEY'LL BE MORE WILLING TO LISTEN TO AN OFFER. - RIGHT. - BUT AT THIS POINT, IT'S PROBABLY A LITTLE TOO SOON. - YEAH.
• 30:30 - 31:00 - I NEVER THOUGHT I'D SEE MYSELF
• 31:00 - 31:30 AT A PAWN SHOP UNLESS I WAS BUYING SOMETHING 'CAUSE IT'S A PLACE TO GET SOME GREAT DEALS, NOT REALIZING THAT THOSE DEALS WERE OTHER PEOPLE'S DREAMS. THERE I WAS, SELLING MY DREAMS.
• 31:30 - 32:00 - I WOKE UP. "THAT SOUNDS LIKE MY ALARM ON MY CAR." BY THE TIME I GOT THERE, IT WAS A TOW TRUCK TAKING THE CAR ON AROUND THE CORNER. THIS IS HOW I GET TO WORK. - AFTER A 14-HOUR DAY, IT DOESN'T END.
• 32:00 - 32:30 REGARDLESS OF HOW MANY NIGHTS I DON'T SLEEP, IT'S JUST NOT ENOUGH. - THIS SUCKS, BABY. - YOU'RE TELLING ME. - REALLY TRYING TO BETTER MY LIFE, BECOME A DIFFERENT PERSON.
• 32:30 - 33:00 IT'S HOPELESS. - I ENDED UP HAVING TO TAKE HER OUT OF PRIVATE SCHOOL. "MOMMY, WHY ARE WE NOT GOING TO THIS SCHOOL ANYMORE?" THAT HURTS. - THESE SITUATIONS HAVE TAKEN FAMILIES THAT HIT A BUMP IN A ROAD
• 33:00 - 33:30 AND PULLED THEM DOWN INTO A MAJOR CRISIS. PEOPLE END UP AT THE DOORS OF OUR SOCIAL SERVICE PROVIDERS. - WHAT HAPPENS WHEN A FAMILY RUNS OUT OF OPTIONS? WHAT HAPPENS WHEN A MOTHER CAN'T GIVE HER DAUGHTER
• 33:30 - 34:00 THE EDUCATION SHE NEEDS? WHAT HAPPENS WHEN AN ENTREPRENEUR GIVES UP HER DREAM? OR THE DOOR CLOSES ON A YOUNG COUPLE'S FUTURE? THE FINANCIAL LANDSCAPE IS CHANGING AND CHANGING FAST. ONE IN FOUR HOUSEHOLDS ARE UNDERSERVED.
• 34:00 - 34:30 MANY OF THEM ARE HARDWORKING FAMILIES, SERVICEMEN AND WOMEN, AND COLLEGE GRADUATES. IN THE LAST FIVE YEARS, BANK BRANCHES HAVE BEEN CLOSING AT RECORD RATES, WHILE CHECK CASHING AND PAYDAY LOANS ARE THRIVING. - AS YOU GET CLOSER AND CLOSER TO THE EDGE, THERE ARE FEWER PLACES FOR PEOPLE TO GO. - BUT THERE IS SOME REASON FOR HOPE. A NEW GENERATION IS USING INNOVATION AND TECHNOLOGY TO REIMAGINE THE WAY WE BANK. IN SAN FRANCISCO, A BUSINESS IS HELPING PEOPLE
• 34:30 - 35:00 POOL THEIR MONEY TOGETHER AND LEND TO EACH OTHER, SO FAMILIES HAVE A BETTER OPTION WHEN MONEY GETS TIGHT. IN NEW YORK, THERE'S AN ORGANIZATION THAT'S GIVING AFFORDABLE LOANS TO GROWING BUSINESSES, SO ENTREPRENEURS CAN SEE THEIR IDEAS COME TO LIFE. AND OUTSIDE ATLANTA, A COMPANY IS BUILDING A NEW TYPE OF CREDIT SCORE USING RENT AND MONTHLY BILL PAYMENTS, SO UNDERSERVED AMERICANS HAVE A PATH TO THE MAINSTREAM. - IT'S ABOUT HAVING A RANGE OF OPTIONS AVAILABLE
• 35:00 - 35:30 THAT ENABLE PEOPLE TO SPEND, SAVE, BORROW, AND PLAN. - BUT FOR TOO MANY OF US, WHEN WE NEED IT THE MOST, GOOD OPTIONS AREN'T AVAILABLE. TENS OF MILLIONS OF HARDWORKING AMERICANS ARE TRYING TO REACH THEIR POTENTIAL. AND THEY'RE WAITING, WANTING, BELIEVING IN A SIMPLE PROMISE
• 35:30 - 36:00 THAT IF THEY STRIVE FORWARD, THEY WON'T BE HELD BACK. [James Vincent McMorrow's<font color="#FFFFFF"><i> We Don't Eat]</i></font> ♪ ♪ - ♪ IF THIS IS REDEMPTION ♪ ♪ WHY DO I BOTHER AT ALL? ♪ ♪ THERE'S NOTHING TO MENTION ♪
• 36:00 - 36:30 ♪ AND NOTHING HAS CHANGED ♪ ♪ STILL I'D RATHER BE WORKING FOR SOMETHING ♪ ♪ THAN PRAYING FOR THE RAIN ♪ ♪ SO I WANDER ON ♪ ♪ TILL SOMEONE ELSE IS SAVED ♪ [laughter] - OH, MICHAELA, THIS IS AWESOME. - ♪ UNDER A MOUNTAIN ♪ - I AM SO PROUD OF YOU.
• 36:30 - 37:00 - ♪ SWAM IN THE OCEAN ♪ ♪ SLEPT ON MY OWN ♪ ♪ AT DAWN I WOULD WATCH ♪ ♪ THE SUN CUT RIBBONS THROUGH THE BAY ♪ ♪ I'D REMEMBER ALL THE THINGS ♪ ♪ MY MOTHER WROTE ♪ ♪ THAT WE DON'T EAT ♪ ♪ UNTIL YOUR FATHER'S AT THE TABLE ♪
• 37:00 - 37:30 ♪ WE DON'T DRINK ♪ ♪ UNTIL THE DEVIL'S TURNED TO DUST ♪ ♪ NEVER ONCE HAS ANY MAN ♪ ♪ I'VE MET BEEN ABLE TO LOVE ♪ ♪ SO IF I WERE YOU I'D HAVE A LITTLE TRUST ♪ ♪ 2,000 YEARS ♪
• 37:30 - 38:00 ♪ I'VE BEEN IN THAT WATER ♪ ♪ 2,000 YEARS ♪ ♪ SUNK LIKE A STONE ♪ ♪ DESPERATELY REACHING FOR NETS ♪ ♪ THAT THE FISHERMEN HAVE THROWN ♪ ♪ AND TRYING TO FIND ♪ ♪ A LITTLE BIT OF HOPE ♪
• 38:00 - 38:30 ♪ ME, I WAS HOLDING ♪ ♪ ALL OF MY SECRETS SOFT AND HID ♪ ♪ PAGES WERE FOLDED ♪ ♪ THEN THERE WAS NOTHING AT ALL ♪ ♪ SO IF IN THE FUTURE ♪ ♪ I MIGHT NEED MYSELF A SAVIOR ♪ ♪ I'LL REMEMBER ♪ ♪ WHAT WAS WRITTEN ON THAT WALL ♪
• 38:30 - 39:00 ♪ 'CAUSE WE DON'T EAT ♪ ♪ UNTIL YOUR FATHER'S AT THE TABLE ♪ ♪ WE DON'T DRINK ♪ ♪ UNTIL THE DEVIL'S TURNED TO DUST ♪ ♪ NEVER ONCE HAS ANY MAN ♪ ♪ I'VE MET BEEN ABLE TO LOVE ♪ ♪ SO IF I WERE YOU ♪ ♪ I'D HAVE A LITTLE TRUST ♪
• 39:00 - 39:30 ♪ SO WE DON'T EAT ♪ ♪ UNTIL YOUR FATHER'S AT THE TABLE ♪ ♪ WE DON'T DRINK ♪ ♪ UNTIL THE DEVIL'S TURNED TO DUST ♪ ♪ NEVER ONCE HAS ANY MAN ♪ ♪ I'VE MET BEEN ABLE TO LOVE ♪ ♪ SO IF I WERE YOU, MY FRIEND ♪
• 39:30 - 40:00 ♪ LEARN TO HAVE JUST A LITTLE BIT OF TRUST ♪