YouTube Debtor’s Revolt – Did It Work?

As you may have heard, last month – September 2009 – a California woman named Ann Minch decided to take a stand against the rising interest rates on her Bank of America credit card. According to her, she had been their customer for 14 years. Recently, they decided to jack her rate from 12.99% to 30%.

She called B of A to try and get it lowered, but in a nutshell they told her “tough s***” (her words used to summarize it). Sick and tired of their “casino scams” she proclaimed a “debtor’s revolt” and that she would no longer make payments on the $5k balance as long as they charge her a 30% APR.

But the question is… did it work?

Well, after hundreds of thousands of views, it finally got the attention of B of A. An executive from the bank contacted her and tried to get he to go with 16.99% (still higher than her previous rate). She responded with a good argument: their money is coming from the Fed right now at a 0% rate so the 12.99% she was paying is more than fair. The bank executive finally caved in and agreed to give it back to her.

I’m happy to hear the outcome, but it’s kind of ridiculous that it took a YouTube video with a quarter-million views just to get them to budge. A customers shouldn’t have to go through such drastic measures just to get a fair interest rate.

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I know this is a few years late, however, I defeated a credit card lawsuit against me when they did essentially the same thing to me as Ms. Minch. After several attempts to negotiate which were fruitless, I told them what to kiss and it was not my lips. Finally after about 18 months, I got a court summons. I did not have enough money to afford a lawyer so I had to find a way to fight. I went into court, asked the plaintiff’s attorney (the lawyer representing the bank) to please show me a signed copy of the original contract. They did not have it and the judge dismissed the case. They even had to fix my credit rating because they could not prove the debt existed. I also attempted to go for sanctions against the plaintiff’s attorney for filing a fraudulent lawsuit. Only after a court clerk asked me to back off of that did I but I swore I would help anyone with the same problem with a bank do the same as me.

Alessandro Machi

Not only did it work for Ann Minch, but perhaps EVERY Bank of America credit card customer was saved from higher interest rates as well.

Now all we have to do is revolt against Citi Bank too and maybe that will work. The rate hike is ridiculous.

They haven’t learned a thing yet and intend to screw as many of us as possible. i just joined the revolt today. never any late payement, no over the limit, 700 credit score =30% interest


It’s not possible for Americans to ever get out of the debt cycle with these kinds of interest rates. They want us to continue running on the hamster wheel paying interest for the rest of our lives.

you are a dollar amount first and foremost . the care for customer went out the window in the 80’s

totally agree they should have lowered it in the first place

That’s what they get for not trying to work with her in the first place. Dont screw with customers because you never know who you will upset.