Frequent readers know all about how a depressed economy and new laws are serving as convenient excuses for banks to be raising interest rates and otherwise penalizing clients, even those who pose no risk.
Ann Minch was presented with multiple notices of an interest rate hike. Even though she says she’s never missed a payment, she ended up with a 30% interest rate on her Bank of America credit card. She decided she’d had enough and started a protest in a simple YouTube video. YouTube videos are increasingly proving to be a successful way of getting the attention of a corporate behemoth that has wronged you. And it worked for Ann Minch.
Bank of America responded to her revolt, and because she was armed with knowledge and the right attitude, they finally agreed to set her interest rate back to its previous 12.99%. Many of our readers have found in similar situations that persisting with customer service, asking for as many supervisors as you have to, is often successful as well.
Ann explains in the video that she’s starting a new Web site to make the Debtor’s Revolt larger and more effective.
Interestingly, she also hints at a plan to avoid some tax increases, but isn’t very specific. I’d be curious to know what she’s referring to. Assuming she’s talking about federal taxes, I don’t know of any current proposals to raise taxes. In fact the current administration has lowered taxes for 98.6% of working households. The Bush tax cuts are meant to expire next year, but that will affect a very small percentage of the country. Hopefully she’ll be more specific about that in the future.
In the meantime, congratulations, Ann!
Ann Minch Triumphs In Credit Card Fight, Arthur Delaney, Huffington Post, Sep. 21, 2009
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One Person’s Successful Debtor’s Revolt
