"Maxed Out -- Hard Times, Easy Credit and The Era of Predatory Lending," by James D. Scurlock. Scribner, 2007

Celebrities make news by revealing their struggles with drug and alcohol abuse, eating disorders, and marital infidelities. Talk show guests freely discuss their sex lives and intimate family problems in excruciating detail. But when was the last time you heard anyone talk about the amount of debt they are carrying? Even in today's confession-obsessed culture, no one wants to admit that their finances are out of control.

James Scurlock, the author of "Maxed Out -- Hard Times, Easy Credit and the Era of Predatory Lending," set off in search of ordinary people who found themselves overwhelmed by debts they could never pay back, but were still willing to be interviewed for his documentary film, "Maxed Out," released earlier this year.

Their experiences are heartbreaking. Several recounted stories of loved ones who suddenly disappeared or committed suicide because they couldn't live with the shame caused by their debts. Others told how they were duped by unscrupulous lenders who stripped them of their possessions and their dignity, leaving them with nothing.

Predatory lenders, greedy real estate agents, colleges that receive kickbacks from student aid lenders, and even Suze Orman are held accountable for contributing to the misery of countless individuals.

However, the real villains in this book are the giant banks that issue credit cards. According to Mr. Scurlock, the deceptive methods they use to tout their ever-expanding range of products, and their reluctance to disclose the ever-increasing fees associated with them, are responsible for ensnaring millions of people in a never-ending cycle of debt.

In the past, people who needed loans to finance a car or a mortgage went to the local bank, hoping to convince the loan officer of their creditworthiness and ability to repay the debts over a period of years. At some point, banks realized they could make quick profits by encouraging their customers to spend instead of save. The ideal vehicle for this was a credit card.

Customers who pay down their balances in small increments generate enormous profits for the banks. Fees and charges are listed in microscopic print on the back of card applications, but few people take the time to read them. If they did, they might discover that interest rates can be doubled or tripled if a payment is late; they also can be raised if your other creditors aren't paid on time. Fees are charged when you exceed your credit limit, take a cash advance, or transfer a balance from another card.

Worst of all, interest rates can be raised at any time for any reason with 15 days' prior notice. "Preferred customers," who have a record of making minimum payments for years without realizing that the final amount will far exceed the amount of the original purchase, are the greatest source of revenue. Ironically, the more they owe, the more credit is extended to them.

Contrary to popular belief, extravagant spending is not the main reason that drives individuals into debt. Statistics show that medical expenses, job loss and divorce are the leading causes of bankruptcy. If you are desperately in need of money, credit cards are often the only way to keep from going under. It's easy to be tempted by offers of an immediate line of credit, zero percent financing and "convenience" checks when the risk of losing your apartment or home becomes a real possibility. When one card is maxed out, it's seldom a problem to get another one. Applications are sent to just about anyone who has an address, whether or not they have any obvious source of income.

When interest rates were near record lows, finance companies convinced aspiring homeowners that they could fulfill the American dream with a minimal down payment and affordable mortgage payments. Meanwhile, the lenders knew full well that many of their clients would lose their properties with any increase in their adjustable rate mortgages. It's happening now with a surge of foreclosures, the imminent collapse of the sub-prime lending industry, the housing industry headed for a crisis, and investors losing confidence in the stock market.

"Maxed Out" discloses the seamy aspects of crecdit card debt. You'll find out what really goes on in pawnshops, collection agencies, check cashing outlets, payday loan stores and credit counseling firms that promise relief through the magic of debt consolidation.

When will industry giants such as Bank of America, Citigroup, and Chase Bank take responsibility for their misleading and abusive credit card practices? For obvious reasons, they aren't likely to make changes on their own as long as they have powerful lobbyists and make major contributions to political campaigns.

This book, which reads like an engrossing novel, leaves us with many serious issues to consider as well as some hope for the future. In May 2007, the Stop Unfair Practices in Credit Cards Act was introduced in Congress to "rein in the most abusive practices of the credit card industry by limiting interest rate hikes and curbing punitive fees that can prevent consumers from ever paying off their debt." It's a step in the right direction.