Ann Minch, YouTube user 'Rockerchic4God', broadcast a YouTube rant against Bank of America "DEBTORS REVOLT BEGINS NOW!!" after her interest rate more than doubled, going from 12.99% to 3o%. After posting the video, Minch says she was contacted by a BofA executive and offered a rate of 16.99% which she refused. "I believe that because you guys are getting your money from the Fed at 0% interest...that 12.99% interest is a more than generous profit margin for you guys." In the end, Minch negotiated her way back to her previous rate, something she'd been unsuccessful at doing prior to her "Revolt."
In her video, Rockerchic scolded BofA for raising her rate for no apparent reason and gave an ultimatum: Lower my rate, or I won't pay. The video has been viewed nearly 400,000 times, has a 5-star rating, close to 6,000 comments, and 26 video responses.
BofA has lost a potential customer. 'knight3134' says he and his brother considered switching their Wells Fargo accounts, but changed their minds after viewing "Debtor's Revolt." Other viewers comment "Awesome!" and "Rock on."
Not all viewers are fans of Rockerchic's revolt. Some are critical of her for having such a high balance - nearly $6,000 - and for using a credit card at all.
In a followup video, Rockerchic promises to continue to fight for American rights against banks even though she's had a small victory. A website, www.debtorsrevoltnow.com, will be launched to help consumers fight their creditors. She says a jail-proof tax revolt may follow.
It is nice to see an individual succeed in the financial arena vs. a giant bank!
Rock on is right!
John DeFlumeri Decisions About Money!
You cannot fight them when you carry a high balance. It’s the Bank’s money you are paying off, not your own. To really fight them is to not carry a balance at all and not USE the card!
She’s just full of BS like all the other deadbeats out there. You are given a choice to accept the new rate or PAY IN FULL. Obviously, she could not or would not pay off the balance. Pfft!
The best thing you can do in this situation . Is to pay off the balance fast as you can . And never do business with a particular bank(s) again . Just blacklist banks period they are one who going loose out on the long run. I had such an event with Capital One a few years ago . When I brought my house all of sudden they want my businnes nope ! Sorry Capital One is black listed and banned for life and I mean it . With this stategty in mind my credit score will be above 750 then I will will dictate who and what I’ll do businees with the table are turned once and for all . If don’t pay your balance off with the bank they just will write it off on their taxes thats all
HA HA! I owe BofA $26K (amongst about $120K to all my unsecured debtors), and if things dobn’t turn around for me, I’m going to go out in a blaze of glory. BofA still wants to charge me 11.24%!
Look I’ve had problems with credit card companies in the past. So by no means do I think they are always right but, this needs to be said we need to start taking responsibility for why the banks are doing this. when you sign up for a credit card you sign a contract or agree to the banks terms so if you break those terms you can’t complain if they raise your rate or give you fees. Ms Minch said herself in her follow up video that she was informed that she was late twice within a years time and by the banks terms they have the right to raise her rate. The real problem here is we as credit card holders need to read these terms and have to be responsible when we break the rules because guess what we used the banks money. Look I know people will say I work for the bank or I’m making excuses, neither is true like I said before I’ve had my problems with the bank and they do make mistakes and can be rude but that is their right because its their money I borrowed, key word borrowed. So if you want to really revolt start by making sure you know about how credit cards work read the terms before you take the money.