Monday, September 21, 2009

Debtor's Revolt Update: Victory!

Ann Minch, who singlehandedly started a "debtor's revolt" within the last couple of weeks, after seeing huge increases in her credit card interest rate, has declared victory. In a follow up post on YouTube, Minch stated that Bank of America has agreed to reduce her rate.

It appears that BofA decided to negotiate with Minch after publicity of her YouTube video, in which Minch stated she had decided to "take a stand against the banksters' usury and greed," went viral. In her new video, Minch described her talk with a BofA rep, a senior VP no less, as follows:
"He asked me to talk a little about my personal financial situation so that we can negotiate some kind of agreement in regard to my existing credit card account. So, what he told me was that the reason they raised my rates was because there was a late payment in 2008 and then one recently. [...]

"Mr. Crawford tried to get me to agree to 16.99 percent and I said, 'No, nope, I believe because you guys are getting your money from the Fed at zero percent interest or at the most .25, that 12.99 percent is a more than generous profit margin for you guys.' So he did finally agree to that and he also agreed to send me that in writing."
Minch's revolt began after BofA raised her interest rate multiple times, until it reached 30%. However, a current online statement that Minch looked at showed a 23.99 percent. So it's a good thing she asked for a written agreement.

Minch added that the revolt will continue and that a website, www.debtorsrevoltnow.com will be coming. She also indicated that she would be starting a tax revolt as well.

Sounds like Minch has turned this whole thing into something that could make her money, perhaps significant amounts, in the future.

Watch the video:

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2 comments:

Anonymous said...

The great change of Obama. Bad karma for America putting this Muslim in the whitehouse, but well deserved.

roger said...

Bank of America got something like $45 Billion dollars in bail out money and now they do not give everyone a modification! I AM FIGHTING BACK! Please join me in this fight at United Law Group's home page under the John Wright vs. Bank of America lawsuit in the comment section. See you there!
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