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Debtor’s Revolt

Bob Morris, on Sep 9, 2009, 9:21 am

John Robb hopes this video goes viral, based on the comments about it at Naked Capitalism, I think it already has.

Her credit is fine and she pays her credit cards on time. But BofA raised her interest rate to 30%. So “you are evil, thieving bastards” getting rich off government loans while gouging the public. So, she’s not paying the jacked-up interest any more and says everyone should join in.

Tags: , | Category: News | 11 comments - (Comments are closed)

  • Rhonda

    I am totally with her! Basically, the same thing happened to me and I am not paying them one more time. It’s time for a REVOLUTION America!

    • Charles Casciotta

      I want to join I have a Gas credit card that I had for 15 years the rate as of 9/09 was 15.99% today got a letter that the rate on 10/09 will goto 59.99% with my bal of $15.22
      also my credit union Mastercard was 8.99% next month 14.99% and it goes on and on we all need to do something lets form a pack and go get there banks!!!!!!!!!!!!!!!!!!!

  • http://www.creditlaw.com/ Paula at CreditLaw.com

    I think that she’s a crackpot.

    I understand that this woman is upset, but it boggles my mind how she is willing to sacrifice her personal financial future “for the cause.”

    CreditLaw.com, the company I work for, has posted a response to this video on their blog which highlights some simple steps that she (or anyone) can take to resolve the situation, walk away and essentially give BofA the finger.

    For anyone interested, you can find it here: http://www.creditlaw.com/blog

    • Dave

      I have gotten help through debt consolidation and am paying my credit cards down but it isnt happening fast enough for citi,they are still trying to garnish wages.What can I Do to stop the garnishing of wages.

    • JCCyC

      No, your job requires you to force yourself to believe she’s a crackpot. Your opinions on this matter are about as trustworthy as Microsoft’s opinion on Linux.

  • Yoda

    In Medieval times, 32% usury imposed by Jewish bankers on Christian lenders started Inquisition. Today, the same “bankers” practice the same old tradition on Americans. Oh, come ye Grand Inquisitor again! TAXATION = enslavement and corruption.

    • http://polizeros.com Bob Morris

      Huh, historians generally say the Inquisition was caused by alternate Christian religious movements which the Catholic Church viewed as heresies and then crushed with torture and repression. Who knew their actions were all secretly caused by Jews. Those fiends.

      I think you’ll find an more appreciate audience for your ramblings on a Glenn Beck or Aryan Nations blog.

      • http://www.asymptoticlife.com DJ

        There is a grain of truth to what Yoda says: since loaning money at interest is forbidden by the Bible, money-lending was by law restricted to Jews during the Middle Ages. In those days, it was considered a dirty (and damning) job, and the Jews got it. Often, their Christian borrowers defaulted, and Jewish lenders had little recourse. When the King fails to pay you, you’ve got nowhere to take your grievance.

        Later, when banks developed following the invention of the limited liability corporation, Jews who had been forced into the money-lending business for centuries turned the tables and became powerful. It started in the Netherlands, where certain Jewish-owned banks are still major players. Now, of course, the lure of profits entices Christians to ignore the religious prohibition against loaning money at interest. No doubt Satan is warming up a hot tub…

  • jay

    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 holder 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 there 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.

  • http://www.asymptoticlife.com DJ

    There’s a lot of truth to that. How did we become a debtor nation, begging the banks to loan us their money? If we want to be freee of banks, we need to balance our own budgets and stop letting them use us.

  • http://www.debtorsrevolt.com Business Owner

    Amen to Ann for taking a stand. It’s a shame that she had less than $6,000 in debt. Here is our story: We have been in business for 7 years. When we started out, we sold our house and moved into a small town home with our children and cut our total expenses to $700 per month. Luckily, our business did very well, website design and CRM for business and we were making a net profit in 3 months. We started to expand our business into several states and started hiring people. It got very challenging to hire at some point, so we started offering better benefits, company vehicles and expense reimbursement for business use. Business was going OK, we made enough money to buy a house again – but the banks would not give us a mortgage because we were “self employed”. We were paying ourselves over 100k per year on payroll but the bank said we could be fudging payroll, even though we paid taxes on all income. Fair enough, we’re resourceful, we talked a homeowner into doing a land contract and paid him direct for 5 years. We ended up moving in 3 years, paid off the house and had enough equity to expand business and buy another house – another land contract. National City comes along and offers a “business line of credit” on the equity in our house – 100k at 7.5%, awesome. We expand business, start offering more products and services, hire more people and life is good. All the sudden, the housing sector bottoms out and our bank tells us we have no equity (even though we bought it for 400k and owe 90k with a 100k line, 67k in use). The bank freezes the line, rate goes to 21.00% and payment are barely covering principal. During the course of time, we picked up a few other credit cards, we had a total of 170k in credit available to us. We start using the credit cards to fund business and continue to pay the National City line of credit down. After about 9 months of this, over 110k in payments, National City is being bought out and PNC takes over, which decides to call the line of credit, can they do this? We found out that PNC bought National City, for pennies on the dollar, with TARP money – WTF! I work my ass off to build my business, pay dearly to expand and now my tax money is getting called with now nearly 30% interest – because I’m accused of being maxed out. They cut all of my accounts at what was in use and set the new limits at what I owed, and they adjusted in monthly. In December 2009, I stopped making payments on all of it, over 135k in credit card and credit line debt that was originally at 7.5% now some as high as 32%. We still carry a land contract with the people that we bought the house from, pay them 5.5% and they are tickled pink to be making the interest themselves. We put the house in a trust for the kids in case the banks come after us, but they screwed us first.