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One Person’s Successful Debtor’s Revolt

This article was written by in Credit. 9 comments.


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 I’m not sure to what extent that will affect most people. 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

Updated September 23, 2009 and originally published September 22, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Smithee formerly lived primarily on credit cards and the good will of his friends. He is a newbie to personal finance but quickly learning from his past mistakes. You can follow him on Twitter, where his user name is @SmitheeConsumer. View all articles by .

{ 9 comments… read them below or add one }

avatar Ellen / MoneyLounge

She has never missed a payment or never missed a minimum payment?

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avatar Miranda

I’m in a battle with my Discover card over this issue. I pay on time, and I try to pay off what I put on every month. And yet my interest rate continues to creep up. It’s very annoying. So far I’ve been unsuccessful, but I’m working on it.

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avatar john

she says in the video that she mised two payments in the last year and got multipel notices

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avatar savvy

I guess I’m the unsympathetic one here. If you don’t want to be beholden to credit card companies, then don’t carry a balance on your credit cards. Is it slimy to continually raise interest rates? Sure, but it is also a part of the terms and conditions that were agreed upon when the card was issued. Don’t like the rules? Don’t play the game.

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avatar Jim

“The Bush tax cuts are meant to expire next year, but that will affect a very small percentage of the country.”

Bush tax cuts lowered the marginal tax rates for most brackets. If the Bush cuts were not extended then MOST people would get a tax increase. Its not just the very rich.

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avatar Smithee ♦1,358 (Quarter)

I’ve been trying to educate myself a little more about this, and I probably did mis-speak, or get something wrong entirely. According to this old article in Smart Money:

http://www.smartmoney.com/personal-finance/taxes/what-the-bush-tax-cut-means-for-you-14345/

The reason I haven’t felt any relief is because the “relief for married tax payers” expired in 2005 (one year after I got married), and because we don’t have children. When filing our taxes, it always seems to go well, until the AMT rears its ugly head.

Anyway, I’ll keep researching.

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avatar Jim

Smithee, That article is from 2003 so its a bit old. According to Wikipedia the ‘marriage penalty’ issue was further addressed in another tax law:
“The Jobs and Growth Tax Relief Reconciliation Act of 2003 accelerated the benefit to joint return filers by eliminating the marriage penalty for 2003 and 2004 and the Working Families Tax Relief Act of 2004 extended the benefit to 2005-2007.”

They keep stacking tax changes on top of one another so its hard to keep track.

The ‘marriage penalty’ is a bit of a misnomer to begin with. Most people do not get a tax hike simply for getting married. In fact most people generally pay lower taxes when married. Only certain circumstances would you have a worse tax situation when married than single.

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avatar financia at FinancialFreakShow.com

I’m amazed that after BofA was such a pain in the butt to deal what that she’s still doing business with them!

And I’m even more amazed that she is happy giving them 12.99% interest.

Looks like BofA is still winning this battle

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avatar Nancy T

I hate b-o-a..i have a morgets and creitd card and they up my credit % but i opt out..I hate them yes hate them.

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