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TheHipHopBillGates

09-16-2009, 12:33 PM

ERR

09-18-2009, 07:08 PM

I understand where she's coming from, and she's 100% right about Bank Of America employing some of the biggest scumbags in the world. Bank of America sucks.

James Maxx

09-18-2009, 07:30 PM

There is no reason a credit card hike should go that high. I applaud her for what she is doing. Credit reports are overrated anyway.

ShaE

09-23-2009, 03:55 PM

update on this:
YouTube ranter wins battle over interest rates (http://www.walletpop.com/blog/2009/09/22/youtube-ranter-wins-battle-over-interest-rates/?icid=main|classic|dl7|link3|http%3A%2F%2Fwww.wall etpop.com%2Fblog%2F2009%2F09%2F22%2Fyoutube-ranter-wins-battle-over-interest-rates%2F)

A California woman who made a widely publicized YouTube video (http://www.youtube.com/watch?v=jGC1mCS4OVo) calling for a "Debtors Revolt" -- announcing she wouldn't be paying her credit card bills because her interest rates skyrocketed -- has a new video proclaiming a personal victory.

Ann Minch, whose first video posted two weeks ago was seen by about a quarter million people, said in her follow-up installment that she received a call from an executive at Bank of America who agreed, after a little negotiation, to restore her interest rate to its previous level of 12.99%.

She said in the video that she told the executive that banks are borrowing money from the federal government essentially for free so getting nearly 13% interest was adequate profit. Minch said he relented, never asked her to alter or remove her fiery video and then accepted the victory as a personal win.

A Bank of America spokeswoman told WalletPop that the bank did work out a deal with Minch, but said she couldn't be more specific.

"We did reach out to the customer and, based on additional information we received from her about her situation, we reached a mutually agreeable resolution," spokeswoman Betty Riiess said. "Because of customer privacy, I can't discuss the specific terms of the customer's account."

While Minch's 10 minutes in the spotlight might be nearing an end, she said much is left to be done to try to get banks to treat their customers more fairly and urged a continuation of the fight.

Minch said her interest rate was raised to 30% even though she was a longstanding customer and always made her payments on time.

"I could get a better rate from a loan shark," Minch said in the video. "There comes a time when we must make a stand and my time is now."

A number of credit card issuers boosted rates and changed terms on their cardholders ahead of a federal law that reins in such acts.

Minch made mention of the advice many have offered to try to negotiate a lower rate with your bank -- a tactic that has worked for some. But she said her attempts had failed until her video went viral thanks, in large part, to a story on the Huffington Post site (http://www.huffingtonpost.com/2009/09/14/debtors-revolt-woman-refu_n_285394.html).
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James Maxx

09-23-2009, 04:12 PM

12% is still a shitty rate, but its a lot better than 30 that is just ridiculous.

StateOfTrance

09-23-2009, 04:47 PM

What can you do if your rate is too high? Can you just call the cc company/bank and complain? I dont know what mine is but its definately high and im getting real sick of it.

ShaE

09-23-2009, 05:07 PM

What can you do if your rate is too high? Can you just call the cc company/bank and complain? I dont know what mine is but its definately high and im getting real sick of it.
U most certainly can, or if you're really determined, make a video and shame them lol

StateOfTrance

09-23-2009, 06:14 PM

haha I dunno if they will fall for the youtube thing twice in a row.

ShaE

09-23-2009, 06:17 PM

lol worth a shot right?

Lance Burkhart

09-26-2009, 09:01 PM

"debtors revolt"???? more like stealing...hopefully people wont follow in suit or the economy will be even more screwed

ShaE

09-27-2009, 11:27 AM

stealing? how do you figure? she made it clear that if they returned her interest rate to the previous amount, she would resume making payments, no problem. she never skipped or made late payments before, her account was in good standing.

hiking a rate from 12 to 30% for no identifiable reason isn't stealing?

ShaE

09-27-2009, 11:28 AM

if she just decided she wasn't paying anymore, period, that'd be stealing. but this was on principle b/c why should she, a good customer, be subject to her rate more than DOUBLING for absolutely no reason? she made her point, they returned her rate, and now everything's ok.

Lance Burkhart

09-27-2009, 01:50 PM

if she just decided she wasn't paying anymore, period, .

what would she have done if they didnt bring her rate back down?

ShaE

09-27-2009, 02:17 PM

ShaE

09-27-2009, 02:22 PM

isn't it law now that credit companies have to notify you in writing prior to raising your rate?

Lance Burkhart

09-27-2009, 04:43 PM

isn't it law now that credit companies have to notify you in writing prior to raising your rate?

they prob did notify her, i throw out pretty much every piece of mail i receive from credit cards. she prob did the same and didnt notice.

Lance Burkhart

09-27-2009, 04:44 PM

Who's to say, I don't know. It was a tactic, and it worked. Maybe she would've caved to save her credit, maybe not, but what would you suggest instead?

she should've just kept on w/ a 30% rate? after appealing to them and attempting to negotiate her rate back ?

maybe she was bluffing, you can't fault her for trying. she didn't steal anything, their actions were the shady ones, not hers.

she agreed to the terms of the credit when she signed up, which gives them the right to raise her rate. im not saying it's cool that they did it, but that's the shitty truth when you get a credit card.

ShaE

09-27-2009, 05:04 PM

i hear you, but i don't think they should be able to raise your rate that high, w/o notice, for no particular reason. maybe as a penalty for late payments, delinquency, etc.

it just seems wrong otherwise.

ShaE

09-27-2009, 05:05 PM

they prob did notify her, i throw out pretty much every piece of mail i receive from credit cards. she prob did the same and didnt notice.
i used to throw everything out, now i'm paranoid and i read it all. i got a piece of mail the other day that says they're going to change my rate if i dont respond "rejecting" it. weird.

Lance Burkhart

09-27-2009, 08:54 PM

i used to throw everything out, now i'm paranoid and i read it all. i got a piece of mail the other day that says they're going to change my rate if i dont respond "rejecting" it. weird.

well this lady prob got the same choice and due to her negligence, she had to face higher rates. then, as a further representation of her responsibility, she refuses to pay it. friggin broad.

ShaE

09-27-2009, 10:37 PM

why do you give the credit company benefit of the doubt and her none?

she'd look pretty foolish if that were the case and she went public w/ this message. i'm sure the company would've come out and said, it was her fault she got that rate increase, they did notify her, and her failure to respond resulted in the hike.

she'd be opening herself up to a shitstorm if she were lying and this could've been prevented on her part, no?

i'm not saying some consumers aren't negligent, but i also know some credit companies are scammers and sharks and will get away w/ every slick move they can if you let them. to think they won't push boundaries is nuts, somebody has to check them.

TheHipHopBillGates

09-28-2009, 10:15 AM