Optimism around holiday spending, strength in the stock market for the second half of 2009 and wishful thinking about the economic climate aren't going to be enough to turn the situation around. And, there's more to the story than the 10% unemployment rate. Moody's Investor Services said Tuesday that more people fell behind on their credit card payments in November.

The charge-off rate on credit cards increased to 10.56% last month, according to the Moody's Credit Card Index. It had fallen in September and October, settling at 10.04% before ticking back up last month. Fortunately, this remains below the June level of 10.76%, a record high.

Consumer debt levels fell again in August for the seventh month in a row. Facing continued instability in the job market, people are paying down their debt, as a way to protect themselves. Savings are up, and borrowing is down – which could weaken the recovery. Consumer spending accounts for 70% of economic activity in the United States.

Total consumer debt outstanding dropped by $12 billion in August, according to the Federal Reserve, reflecting an annualized rate of 5.8%. Reality outpaced Wall Street's expectations, which were around $10 billion. In July, consumer debt outstanding fell $19 billion (9.1%), which was the largest in hard-dollar terms since 1943 and on a percentage basis since June 1975's 16.3%.

While consumer fear is playing a significant role, as a touchy housing market and dicey job situation leave little to lean on, the banks are also responsible for the change in direction. They aren't lending as easily, with stricter standards limiting the amount of credit available to consumers. You can't spend what you can't borrow.

Back in March, I read and raved about James Scurlock's book Maxed Out, which was written based on the upcoming documentary of the same name. I then promptly forgot about the movie and just got around to watching it now. So here is my much-belated review of Maxed Out, a movie that every American who wants to understand the subprime and consumer credit industry absolutely must watch.

Scurlock looks at the issue of maxed out Americans on the brink of bankruptcy with a mix of compassion and tough love. Interviews with the owner of a pawn shop show the conspicuous consumption that has been a major contributor the current mess. Dave Ramsey offers advice on a tough, rugged-individualist way to turn your life around: Cut up your credit cards, live like a pauper, and get yourself out of debt.

But there's another side to the story and Maxed Out tells it well: the credit card companies that shamelessly exploit college students and even the mentally disabled, and bankruptcy reform bill written by the credit card industry.

Maxed Out could well be called the movie the consumer credit industry doesn't want you to see, and that's all the reason you need to see it.