Can't Get the Interest Rate on Your Credit Cards Reduced? Start a Debtors Revolt.

Stories of people getting their interest rates jacked up by credit card companies are literally going viral. Tales of credit card holders, some with good credit and those who have fallen behind, are telling their stories any way they can.

Lois and Clark, our couple with $190,323.79 of debt, have begun calling their credit card companies to see if they can get their rates reduced. So far they have had no luck. The first call resulted in a big, "We don't see the Hardship", from their creditor. Another call resulted in the creditor asking, "Have you contacted your other creditors yet? See if they can help you and then give us a call back." It just seems like creditors are passing the buck and not offering any help at all.

But Ann Mich, who says Bank of America jacked up her interest rate to a whopping 30% APR, wasn't taking her interest hike lying down. After posting a video about her experience on YouTube, Bank of America dropped her rate from 30% to 12.99%.

In the video, titled "Debtors Revolt Now!," Minch explains that she had never been late on her cards or over her limit and the bank raised her rate anyway. Ann was a Bank of America client for fourteen years, but the bank wasn't willing to negotiate any deals.

Minch is rightly upset and her video shows she has no love for Bank of America. She calls the bank evil thieving bastards, she adds "I could get a better rate from a loan shark." She continues saying "You have reaped ungodly profits in your behemoth casino scams, then lost, only to turn around and usurp the wealth of this great nation by the outright rape and pillage of middle class Americans whose sweat and toil built it.

She was willing to let her credit score go in order to fight for what is right and has asked others to join her in her revolt.


I have always believed if you charge it, you pay it, but I have been developing sympathy for those experiencing financial hardship. My Change in opinion has come from the bailouts that corporate America has been receiving and Americans receiving none. Is it fair that companies get saved from bankruptcy, but the American people do not? That the banks who received mercy do not give that same mercy back to their clients.

Minch did do a follow up video explaining her experience with Bank of America and how they came to an agreement and lowered her interest rate.


But Minch isn't done yet. She is launching a Web site called DebtorsRevoltNow.com, and her next project is tax revolt.

I think Ann should continue her revolt against credit card debt rather than against taxes, but maybe we'll just continue what Ann has started. Because being in debt costs too much and with interest rates at 30% no one will ever be debt free.