"Debtors' Revolt" Message Resonates (VIDEO)

When Ann Minch told the "evil, thieving bastards" at Bank of America they could stick her credit card debt in their "bailout pipe and smoke it," the message resonated.

Soon after Minch posted her declaration of a "debtors' revolt" on YouTube, several blogs took notice. And after a profile here on HuffPost, Minch has been on a non-stop media tour, giving interviews to radio, TV, and print reporters on a near-daily basis.

Minch threatened not to pay off her credit card unless Bank of America lowered her interest rate from 30 percent to 12.99 percent. Bank of America surrendered within five days.

Minch's media tour continues -- and she isn't the only one talking. Dozens of people have responded to Minch's video with videos of their own and hundreds emailed this reporter to praise Minch. Some said they were jumping on the bandwagon and not paying off a credit card debt; more said they had too much to lose. But there's a consensus about one thing: Credit card lenders are soaking hard-up customers after a $700 billion taxpayer bailout -- people are mad as hell about that.

Excerpts from the mailbag:

"I just had my interest rate hiked the day after I paid the last bit of my balance in full," wrote Matthew Merkovich of Santa Monica, Calif. "I currently owe nothing to any bank. My credit score is over 800. Regardless, my rates just got bumped up. Makes no sense. If I was going to use a credit card, I certainly won't now. That will have to do for my own personal debtor revolt."

Gary Harper sent a note about how his letters to elected officials resulted in an appearance on an NBC News report on predatory credit card lending.

Ruth Pepin in Bluffton, S.C. shared a letter she'd sent to Bank of America:

I am in receipt of your letter of July 23, 2009, stating that my credit line has been reassigned to $3300 because of a history of delinquency with other creditors. I challenge your authority to do so based on facts that do not apply to this case. You are perhaps referring to an educational loan that I am repaying. I am a student and have received a deferment on repayment until I graduate next year. A deferment is not a default.

I always pay my Bank of America credit card in a timely fashion. I always pay more than the minimum amount; indeed, I generally pay $200-$300 per month.

Recently you raised my percentage rate from 5.9% to 12% for NO GOOD REASON. Again, I will restate that I always pay in a timely fashion in much more than the minimum amount.

Recently, Bank of America was in the news as having a 2nd quarter profit of several BILLION. Your profit is obviously based on your usurious methods of money-handling.

I demand that my original percentage rate of 5.9% be restored, and that my previous credit limit be restored.

Mary McCurnin and Ron Bednar, a married couple living in Rancho Cordova, Calif., wrote separately but said the same thing in their letters: That they consider it "un-American" to pay off their credit cards. In subsequent phone interviews, McCurnin and Bednar explained how illness had ruined them financially. Click here to read the story about how they divorced in an effort to keep afloat financially.

Here are some of the videos:

For the most part, raw anger is the only thing that comes through clearly in the "debtors' revolt" videos uploaded to YouTube.

YouTuber efrasier21mbf says he was an assistant branch manager for Bank of America for two years before quitting his job because "Bank of America will stop at nothing to turn an insane profit at your expense." He wants Bank of America to settle an account -- the offer comes toward the end of the video:

This woman says she's angry about interest rate hikes on various cards. She says she can't revolt against the "loan sharks" because her home is almost paid off: "I don't know what to do."

In subsequent video uploads, she seems to have figured out one thing she can do -- she transformed into a bear:

"I find it interesting how our lawmakers can bail out our financial sector," says YouTuber x684867, "and then during this economy when things are kinda tight our financial sector just kinda says screw you, pay your taxes, we need your money. We've lost a sense of humanity in this country."

"Folks, I'd just like to talk about Bank of America for just a minute, not going to spend a lot of time on it," says YouTuber saveamerica100. "It's not worth it. Actually, it is worth it. It's worth putting them out of business, that's for sure."

Comments

[Wood-Harp]

06:05 PM on 11/19/2009

Congress Shocked by Credit Card Predators?
http://seaclearly.wordpress.com/category/credit-card-predators

[sweet sue]

01:01 PM on 10/07/2009

10-7So here we are today….. BoA has now charged me $210 in NSF charges ($175 in one day) for less than $80 (actually $45) overdraft which was actually one transaction so should only be a $35 NSF Charge. I will continue to note this account everyday, to the papers, to my Senator, Attorney General, and everyone else that will listen and believe me I think people will. BoA has stolen from me and my family for the last 9 years and I am fed up. This would be called Racketeering if I went down the street and borrowed money from a Thug and was charged this kind of interest rate. This is worse this is MY hard earned money and Bank of America sits around schemeing up ways to steal the food right out of my childrens mouths…again SHAME on you!! Look below and you tell me what is wrong with this picture????

[sweet sue]

01:00 PM on 10/07/2009

10/6 It has become apparent this is the way Bank of America makes their money. There was one charge that wasn’t valid, now Bank of America has mixed up the order in which these charges were taken out of my account in order to charge me $210 in NSF charges instead of the one $35 charge that should be there but wouldn’t if you hadn’t charged me days ago when I wasn’t over drawn. SHAME on you… You will not see this money, I have been down this road with BoA several times already- I will not be depositing anymore in this account you can keep the $35 you took the other day to cover the 1 NSF charge on the $375 transaction. That was the last transaction I made….but BoA decided to take it out before the charges I made days ago…

[sweet sue]

01:00 PM on 10/07/2009

10/5 Here we are again with Bank of America charging NSF fees on an account that never went negative. Bank of America continues these illegal practices in order to increase profits at the expense of the working people that support your bank! This is a disgusting practice and by the looks of it there are many angered people that are sick and tired of sitting around while BoA continues to steal from the very people that keep you afloat! I will bless the day when it all comes to an end and the ones on top lose their pot of gold and are shown for what they really are, thieves and crooks! I have been with your bank for 9 years and have my mortgage there as well, but like many others I am taking my business elsewhere. You will find out that the “Wealthy customers” do not support BoA but us working class do.
BoA takes charges out of an account according to amount (highest to lowest) and not in the order they were made in order to charge as many as 10 NSF charges a day!!. This in many cases causes multiple NSF fees that should not have been there to begin with, in this case my account DID NOT GO NEGATIVE!!! So BoA DID NOT have to put up any money that wasn’t mine!!! I hope BoA finds good use for my $35, maybe it will go to the Ken Lewis pension fund!!

[barkway]

10:33 AM on 10/06/2009

Bank of America bought out Merrill Lynch. We had an Equity Line of Credit with Merrill for which we had never missed a payment or been late with a payment. Just last week we got a letter saying our Equity Line was henceforth frozen and we couldn't use it anymore because some bean counter in Bank of America in New Jersey had determined that my home in a desirable neighborhood and school district in FLORIDA had "significantly declined in value" (it hasn't despite what you hear in the news about Florida real estate. In fact my property tax has gone UP this year). Homes in my neighborhood have recebtly sold for much more than what B of A is saying my home is now worth (from NEW JERSEY with some computer model when I'm in FLORIDA).
I called to complain and to say we would move ALL our accounts with Merrill Lynch elsewhere (we also have a IRA, Keogh, and Kid's college fund). They offered to re-appraise the home BUT I have to PAY for the appraisal and THEY get to choose the appraiser (will obviously hire someone to lowball the house). This is OUTRAGEOUS that they can do this to people! It's extortion! WHERE IS THE GOVERNMENT????

[fuzzywzhe]

04:13 AM on 10/03/2009

Why would people use credit cards anyhow?

First, anybody that got a credit card where the rate can be changed on a whim, is an idiot.

Second, all credit cards have rates that can be changed on a whim, so all credit card users are idiots.

Companies are in business to make money, and you wrote them a blank check, how stupid can you possibly be? I know it's old fashioned to use cash, but really it's not, it's just plain common sense.

[suigeneris]

06:41 PM on 10/05/2009

Some people are not stupid, just desperate.

Also, a lot of folks don't understand (or don't expect) that banks can raise their rates to whatever they want whenever they want. I'm out of debt now, but when I first got credit cards in my late teens, I assumed there were regulations preventing that sort of thing. And back then, there probably *were*.

It's very easy to take a condescending opinion when you're not in debt yourself, but some people have little choice. Or, as I said, they think the law will protect them from unscrupulous lenders.

Fat chance.

[gmgl]

06:58 PM on 10/05/2009

How stupid are we? Depends.

Ask yourself another question -- When your business makes contracts you don't get to just change it on a whim to whatever suits you, that would be called breach of contract and false and misleading advertising however when the bank does it that's YOUR FAULT TOO?

Ask yourself another question -- Does your business get bailed out by taxpayer money from it's own reclessness and then get to turn around and stick it to those same people who just bailed you out. That is what being a bank is like. Nice work if you can get it.

So do you still think it's all the consumers fault are are you finally willing to embrace the incredibly obvious -- The banks own the politicians, make the rules, and the system is totally corrupt. Blaming consumers won't solve that. Focus on something that will. Suggestion vote progressive (no I don't mean Obama I mean a real progressive).

[ResearchtheFacts]

11:47 PM on 10/01/2009

Say you had a 10,000 credit limit. You have a balance of $3,500. Your apr is 5.7%, if they raise it double, or to at least 10 to 12% the monthly minimum goes up and your limit is lowered to $5,000. So that double payment you were making isn't putting as much of a dent in the balance. And the meter is running so the balance goes up at a quicker rate.

It's a numbers game. Has nothing to do with ability to pay, but the ability of the creditor to make more money.

[DebtorsRevolt]

07:26 PM on 10/01/2009

Oops!

Forgot to post my link with my comment response. Or read my profile here, heck do both :-)
http://www.youtube.com/user/DebtorsRevolt

Peace~
The Bear

[budderbean]

04:29 PM on 10/01/2009

160 million cards issued in America last year. 11.49% are in default. Unemployment is almost 10%.. what do we do? we make sure our family's have a roof over their heads. we buy school supply's. We take our $15000 per year and do the best we can with it to feed and meet the needs of our loved ones. Yes we owe the credit card companies but they have to take much of the blame for what they have brought upon themselves. Wall Street is a legalized form of gambling. You place you bets. win loose whatever. YOU HAVE TO TAKE RESPONSIBILITY for YOUR MONEY. Don't blame me if your 401K or your stocks head south. YOU ARE RESPONSIBLE FOR YOUR INVESTMENTS and YOU have entrusted your savings with people that ripped YOU off. So just because I have joined the revolt doesn't make me a thief. It makes your investment agent the thief. Don't blame me for your problems. If the companies you had investments in had paid a reasonable wage then maybe thing wouldn't be so bad fir you.

[DebtorsRevolt]

07:21 PM on 10/01/2009

There 'might' be copycats, who are you kidding!

I have not been one cent short, nor one day late and they ALL have defaulted on me. So what are we waiting for to see Chicken Little screaming 'the sky is falling' cuz trust me buddy, it already has came tumbling down on this Bear and my head is not stuck in a 'honey jar'

Like other comments I have seen on here is there anyone who has not had either their APRS raised OR credit line limits decrease, or both? I am serious when I ask this.

Also I'm still looking for a 'bail-out' of about $10,000 that I would re-pay at 5% Interest to get the Loan Sharks (CC Companies) paid off and outta my Bear hair.

Peace~
The Bear

[Frank Fitton]

01:36 PM on 10/01/2009

Some might say that Bank of America didn’t really have any choice when faced with so much negative publicity. The problem is that now this is going to set off a whole mess of copycats that are going to try and do the same thing. Bank of America might have just set a very bad precedent. I’m glad that Minch got what she wanted. I do also agree that, from the way she recalls the facts, she was treated unfairly. However, from Bank of America’s standpoint I think they should have played hardball with her. They had to the opportunity to set a precedent that they would not cave into these sort of tactics. They didn’t take that opportunity. So anytime your bank does something that you don’t agree with, try and create a viral video. If you can make it a success, you should get what you want.

The situation doesn't even have to really be true. Who knows if the facts of the case are how Minch presents them. That's the beauty of this format, you get to present the "facts" anyway you like.

Check out my blog on Minch's rant and its effects at.... http://www.thedebtgazette.com/2009/10/rant-on-youtube-gets-interest-rate-cut/

[rockthedeacon]

02:39 PM on 10/01/2009

Well, Frank Fitton, quite a post there! Whom do you work for? And, yes, what a shame these debtor's revolt videos are "going to set off a whole mess of copycats!" So you think Minch was treated unfairly, but still rubberstamp the bank's behavior. Tell us how your mind works. Your post is one obtuse mess, revealing only that you're a lack-e for the industry. By the way Frank, this "format", the internets I believe you're referring to, is here to stay. It puts dissent from anyone, about anything, whether it's "true" or not, within reach of anyone who has a computer and ability to access the web. Get used to it, as difficult as that might be.

[pup sydney]

07:24 AM on 10/01/2009

SO you do not pay your debt (as the kid said in the article) in full , but just pay above the minimum and you think you are doing so great?
If this is the attitude no wonder the Banks will try to cash in as much as they can as fast as they can.
First do not get owe money
second pay back immediately if you can
third if you can't pay back immediately look not to the credit card but to a credit line or something else with a better rate. OR DO NOT BUY IT because you cannot afford it.
While the ranting against bank is more than justified is not them swiping the card, is you.
Credit cards were never good if you carry along more and more debt, we contributed to the debacle too. NO question about it.
Well did you/we finally wake up? Can we let the frugal and mindful people alone now ?

[ILibertine]

12:13 PM on 10/01/2009

Amen. It's difficult to sympathize with so many who seem to have run up ridiculous debt without any concept of judgment day. That said, it's equally difficult to condone credit companies backing the unfortunate, for whatever reason, into increasingly costly corners. There is no free lunch.

[scottarino]

01:23 PM on 10/01/2009

Ultimately the fault lies in the credit company who issued cards to people who should not have them in the first place. I do not feel sorry for BoA. I hope they sink, the faster the better.

[ReesieKitty]

03:24 PM on 10/01/2009

Actually, our credit card debt- not enormous, but enough that we cannot pay it off all at once- comes from being hit by another driver and having to pony up our insurance deductable to get our car fixed so we can get to our jobs. Also, we had to replace the boiler in our furnace unexpectadly last winter, because the heat stopped working and it about about 10 degrees outside.

I don't like to use credit cards, but I really don't see that we had a choice in either of those situations. We have always paid on time, double payments and would have had the debt paid off sometime next year. But now our rates have gone up to 24%- for no reason other than the bank wanting to soak us while they still can.

We are working on trying to take out a separate low interest loan to pay off the credit card and then pay that off instead. But not everyone with credit card debt took fancy vacations or bought SUVs. It is totally naive of you to say that.

[ResearchtheFacts]

11:40 PM on 10/01/2009

Just the opposite corporate gaming at its finest. Know they have you over the barrel locked stocked and ready to rock. What recourse do you have if they raise your rates.

NONE...you win some and you lose some. It's gaming and gambling as stated above an addiction to greed.

[AirViceMarshalPark]

04:23 AM on 10/01/2009

Just cut them up, pay them off and be done with the whole loanshark business. I got rid of my last CC over 10 years ago when the banks started raising rates and fees for no good reason. I do have a no-fee debit card and it works just fine for all of my needs.

This world existed for a very long time without CCs. In the entire history of Greece, Rome, the Persian Empire, the Mongol Empire, the Inca Empire, the Mayan Empire, the Spanish Empire and the British Empire nobody had a credit card.

[LHB58]

03:04 AM on 10/01/2009

Those of you condemning "irresponsible" debtors need to remember that money and debt are fungible. Here's what happened to me. I had a serious illness, and had medical bills from about 10 different health care providers. I emptied my savings account to pay them, thinking that if things got tough I could use the open lines of credit I had on my credit cards. Things did get tougher due to a pay cut where I work, so I had to start using the cards for living expenses. I even (GASP!) bought a 36" LCD TV for $650 to replace my 12 year old 19" TV so I would have something interesting to do during my 3 month convalescence. Then my interest rates were practically doubled on all but one of my CC's for no reason.

So if I had borrowed to pay my medical bills (which would have been less "responsible" than paying cash) I would appear to be a hapless victim of unforeseen medical expenses. But as a result of using all my cash reserves to pay my medical bills and then borrowing to cover other expenses, I appear to be overindebted because of some character flaw. In either case, the expenses were the same. The moral of the story: distinguishing between those "deserving" of help or sympathy and those who are "undeserving" as a result of overindebtedness is VERY tricky. Please don't try it at home.

[ILibertine]

12:06 PM on 10/01/2009

My TV is 25 years old, was bought cash and seems just fine. I certainly wouldn't go replacing it with lots of other debt accruing. While I empathize with medical bills creating sudden strain, it seems the 'gotta have it' mentality pervades, upon which these companies build their fortunes.

[Sam1234567]

05:28 PM on 10/01/2009

Why would you buy a TV if you were seriously ill? And took a pay cut?

Seems like your priorities are not sound financial decisions.

[DebtorsRevolt]

11:36 PM on 09/30/2009

Well I am the Bear mentioned above. I didn't transform into a Bear really yet I am BARELY hanging on by a thread due the the atrocious APRS my Credit Cards have jumped to without justification.

Please read my profile here, and/or watch my YouTube Videos above or on YouTube http://www.youtube.com/user/DebtorsRevolt

Thanks to Huffington Post for noticing me, I am one of millions in middle America about to 'belly up' who knows, perhaps with a little luck I might find someone willing to assist me in some way?

I am seeking a way to personally contact Michael Moore and Larry Flynt.

Peace~
The Bear

[FdeBear]

02:45 AM on 10/01/2009

I'm in your corner, Bear! Michael Moore was on Countdown tonight and said he was willing to go to any Congressional district to turn the tables on Republidems, but I'm sure he'd be interested in your story. You might also give a holler to Ed Schultz. Arianna Huffington was on his show tonight. It's time for the revolt to begin! I got rid of BOA awhile ago. They were a royal PITA. I'm down to one debit card and the banks are trying to kill us with fees. We cannot allow ourselves to be victimized any more. Especially when these "banks" (I had another word in mind) are using OUR MONEY to screw us. Uh. Uh. No. No. No. Time for mass action. We need to strike and/or flood their phone lines - do something! There's enough anger out here to have a real impact. Good luck to you. You're going to make it! Keep up the good fight.

[berrycooda]

08:36 PM on 09/30/2009

How do you spell GREED....Seems like that is what America is coming to with Wall St. and the Banks and Insurance Co's

New name for the banks....LOAN SHARKS OF AMERICA.

Congress doesn't seem to be having any money problems.
In fact, they just add on more for themselves whenever they feel they need it.