Is this the beginning of an uprising? Popular YouTube “debtor’s revolt’ video not just one lady’s angry challenge to Bank of America. Her video hit a nerve, already viewed 247,099 times in LESS than a week…and exploding!
Today, a Credit-Success member challenged me to check out a YouTube video about some alleged “debtor’s revolt”.
…attacking Bank of America!
What prompted me to stop what I was doing and click to this video was the title, “Debtors Revolt Begins Now!”
Yeah, that caught my attention.
Okay, so what’s going on here. What’s the “to-do” about some debtor’s revolt? Turns out, Bank of America has p*ssed off a BUNCH of people and their ringleader is threatening dangerous retaliation.
…dangerous retaliation?
Click now to watch the video & see what I mean. Has “Joe Q. Public” said “Enough is enough!” to big banks?
Click READ MORE for my open You Tube CHALLENGE to this lady and why her “rant” is necessary BUT dangerous.
YOU TUBE VIDEO BOTH DANGEROUS AND NECESSARY….
Ann (the “debtor”) is mostly right and deserves praise for standing up.
When banks “universally default” every one of your cards, jacking up your interest rate from 12.99% to 30%, that UNIVERSALLY should be condemned!
When banks (for the hell of it) cut your credit limit & cause your credit scores to PLUMMET, that should be revolting. 30% of your credit scores are tied to how much “credit card” debt you carry. When banks cut your credit limits they EXPLODE your credit utilization! This is B-A-D!
Overnight, I’ve heard 100s of horror stories of shocked people wondering what just happened. People with 800 credit scores are reporting limits SLASHED on their cards, despite on-time payments each and every month and no sign of delinquency.
When banks CLOSE your credit card accounts, citing you for not using them “enough,” that’s inexcusable.
Without doubt, Ann’s YouTube video punctuates exploding anger shared by millions…and so far viewed by 247,099 people…in just ONE week! WOW….
However, Ann might not be clear of the consequences of her dangerous, accusatory attack of Bank of America.
For that reason, I have attempted to reach Ann with an open invitation to HELP her get what she wants:
Let me be clear: If Ann’s interested, I have offered to help her free. Suggesting she can stand up to a big bank or any big business on YouTube (without a legal or moral leg) is not wise.
Most people are not standing up & taking action…as Ann is.
However, Ann’s game plan (if it’s genuine and not a “viral” stunt) is dangerous, short-sighted & threatening.
Check out my short video below--it’s my open invitation to help Ann (IF) she’s really interested in help….
…or maybe all she wants is YouTube publicity by filling people’s heads with a dangerous, short-sighted & threatening rant. Let me know what you think. Please go down this page and type your comments.
Naturally, you don’t have to agree with me. Here’s what Ann (must) not understand…or she wouldn’t do what she’s done.
Dangerous?
You don’t run up a credit card and then make a YouTube video telling Bank of America you’re not going to pay off the card. C’mon, forget this crap about “civil disobedience.” This is irresponsibility. BoA did not twist your arm to take the card. Did you not understand all the banks’ credit card contracts gives them the right to jack up your rate whenever they want?
Ann, you apparently do not understand the consequences of your words (and actions). Choosing not to pay is beyond dangerous. Bank of America (and all other banks) setting people like you up for failure certainly shoulder enough blame to go around. However, you can get your intended result without a YouTube video.
Not yet anyway…and I want to prove it to you.
Short-Sighted?
Ann, you can run but you can’t hide. You claim you don’t care about debt collectors calling you many times a day. Do you care if debt collectors call your family, neighbors & employer (when you get a job?).
You claim BofA needs to wade through the backed-up courts to take legal action against you…or to pursue garnishment (when you get a job).
You claim you don’t care about bad credit.
You don’t have assets and nothing to lose.
HOWEVER, do you believe 2, 3 or even 7 years from now you will have something to lose?
Do you know a judgment can be renewed by the judgment creditor? Do you know a judgment can haunt you for years?
Do you know if you try to use credit years from now with a judgment sitting on your reports that you MUST satisfy the judgment before a potential creditor will consider your application?
Do you know many employers today are pulling credit before hiring or promoting?
Forget overpaying for everything credit related. You claim to know the consequences of your actions.
Do you?
Do you really understand the consequences of your actions? Not paying for the reasons given in your video is flat-out DANGEROUS!
If you JUST take a couple minutes to get AROUND customer (dis)service you will get the resolution you need to continue paying. Yes, you can. I help people do this all the time. It’s not difficult to get to decision-makers at any sized corporation. You do NOT need a YouTube rant to get your rate returned to ~13%. Take my invitation to help you. I’ll prove it to you.
Do you REALLY think your 1-person crusade will impact Bank of America?
Crystal Ball: My guess is that Bank of America will contact you and return your interest rate…not because of your video (I assure you) but because they’d rather you pay than not pay.
Do you really think getting a bunch of “me-too” responses to your video on YouTube will convince Bank of America to back down? Big banks are writing down millions in bad loans. Credit card debt is very different “debt” — beyond the scope of this article.
Look at a few of these “brain-dead” comments to this video on YouTube:
Threatening!
Most of all, you do NOT threaten a big bank to go after you. If you want help, I’ve offered to help you…it’s an open invitation.
You don’t make a YouTube video attacking BofA for your debt. That’s the bottom line, Ann: Bank of America did NOT twist your arm to take a credit card, charge it up to $5,000 & pay only the minimum.
Jacking your (and MANY other people’s) interest rate for absolutely no reason is corporate greed and stupidity. They know they have “bent you over (as you said) and that you can’t just pay off a $5,000 debt.
You’ve been a BofA customer for 14 years. That should (and my guess DOES) count for something.
However, you don’t just make a couple phone calls to customer (dis) service hoping to resolve an issue. Don’t you know by now, Ann, these front-line employees are trained to brush you off?
You call this a debtor’s revolt? This is not a debtor’s revolt. This is a dangerous toss of the dart, further exacerbated by attempting to intimidate Bank of America into complying with her demands. Okay, it’s your turn. What do you think of this lady Ann’s ” revolt”? Is the lady “geared up” for a 1-person fight against Bank of America? Please scroll down this page just a bit more to the comment box to tell me what you think. Go ahead, disagree with me. It’s okay. Ask a question.
Bank of America will resolve this lady’s issue. If you have a similar issue, first try to resolve it with customer service. But don’t spend much time with them getting angry. Once you do not get satisfaction (and you probably will not), get to the executive level. Email me if you want to know how I recommend. On my free CD (get it by entering your email address in the box at the top right of this page), Secret #4 explains how to resolve this kind of issue without a YouTube video.
Hey, thanks for stopping by. Leave me a comment or question by typing your comment or question in the box following this post. I want to hear from you. Oh yeah, get my FREE CD 8 Secrets To A 680 Credit Score...while I still have a few left. Put your email in the box at the top right...yep, it's yours free and you'll get immediate value!
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{ 8 comments… read them below or add one }
Mike
My “debtor revolt”, I have a letter written to BofA, not quite as extreme as Ann’s, but I need to know who I should send it to for action?
I am asking BofA to return my credit limit and restore my interest rate and credit rating.
I received a credit limit increase less than six months ago with no questions asked, online. In September I recieved a call from a representative “randomly” reviewing my account (I answered the wrong phone call), and I was informed my credit limit was being reduced by 50% because my debt with “other” creditors was too high (even though, I was paying off my balance monthly by auto-payment on-line with BofA, and I had a good credit rating (680). I have not been late or paid less than balance, unless it was more than minimum amount due, with ANY creditor.
But, the representative said, I could lower my overall monthly payments with “one easy payment”… I guess, with a “balance transfer” to BofA.
Hmmmmmm…. How much of a bonus do these guys get when they get some IDIOT to transfer their outstanding debt with other creditors, to BofA. The people at BofA are crooks…. they stink of manipulation and fraud. They should be run out of business.
So, my revolt, is to pay slightly more than the minimum amount due, and NOT to use the card again, unless my limit and previous interest rate has been restored.
I will use my dollars to pay off the current balance with my other creditors, creditors that have given me 3 times the credit limit that BofA has given me, and I will take my sweet time paying off BofA.
I just need to know WHO at BofA to send my letter to, Mike???
Linda, thanks for dropping by to comment. You have an email from me waiting for you.
Caution: Be very careful about emulating Ann Minch’s approach. In fact, I do NOT recommend at this stage you try anything remotely similar to what Ann did.
Whatever you and I think of banks in general, they have hellva lot deeper pockets than you or I…they can do things to us we can’t even imagine. Only foolish or more determine people than I believe they can do a “David & Goliath” to one of these behemoths.
Still, what I do to get “justice” from a big company is seldom done. I talk with many executives who deal with two types of angry consumers: 1. the mouthy complainers who are so angry it’s a toss up whether they’ll have a heart attack before they get results; and 2. the sheep who take it in the shorts every single time. They never stand up for themselves.
You see, what I do is not seen by these execs. I present my case in such a way they WANT to help me. I do NOT call them out. I don’t make it personal. I don’t yell and scream. I DEFINITELY do NOT threaten.
Stop back and update us. We’re anxious to hear of your success with BofA.
Mike
Lester, I have not heard from Ann, but I didn’t expect to hear from her. As I mentioned earlier, Bank of America returned her rate to 12.99% (where it was before). That’s what she wanted. Getting her rate returned to 12.99% did NOT require a YouTube video. All she needed to do was get around customer (dis)service. Today more than ever, banks are unnecessarily and dangerously putting the screws to its customers, invoking Universal Default in order to jack up the rate on every card a person has. Worse, credit card issuers are cutting customers’ credit limit, dropping their credit scores by doing so. The bottom line: pay down the credit cards NOW. Do not cancel your cards out of anger…that only will hurt your credit scores. Do not give in to banks’ predatory practices. Contact me for help if you don’t know how to get relief or if CS refuses t help you. The worst thing you can do is nothing. Here’s what Ann (the debtor’s revolt lady) represents today: Ann represents the growing anger of millions of people toward banks in particular. Honestly, the comments to her video surprised even me. Her video went viral very quickly! I disagree strongly with HOW Ann handled her dispute with Bank of America. I COMMEND her for taking action.
Mike;
Have you heard from Ann? If not perhaps she is on her way to the Jay Leno show.
On a more serious note. I do not think, because of Ann’s actions, the large credit card banks are all of a sudden going to get religion and lower everybody’s interest rate on their credit cards.
Lester
Lester, no doubt the banks are continuing to put the screws to its “customers.” As you correctly stated, I hear from many people who’ve gotten sued for similar “defiance.” In this case, the lady gets relief but NOT because of a YouTube rant. I can assure you. How do I know? I get better results (than 12.99%) without a YouTube video or national exposure.
Thanks for commenting,
Mike
Tony, Bank of America apparently responded by returning her interest rate to 12.99%–that’s exactly what she wanted. I’m not surprised at all. This is what I’ve continued saying: WHEN you get around customer (DIS)service, you get results. But why can people not get results from front-line CSRs? Why does it take getting to the top to get customer satisfaction? Now all the angry mob will think it takes a threatening rant on a YouTube to get results. To them I say: Go for it! Give it a shot and then report back. You should see what this lady has planned now. It’s ambitious. Hint: Wesley Snipes took on these guys as well…and last I heard he lost.
Mike
Mike;
On this thing with Ann. First of all I think Ann means to punish BoA. BoA has had over a century to figure out how to get their customer’s money. They are into a lot more things than just credit cards. I predict that if everyone would withhold their credit card’s interest, principal, and payment, BoA would simply farm out their legal action to local Lawyers and seek action in civil court. In Louisiana they [BoA] would seek a “Rule Absolute” and armed with that obtain a Writ that they would use to attach your: house; car; bank account; dog and anything else they can think of. Major Banks in this country have other things to do on their money list. Like bail-out Foreign Banks that got caught in this latest stock market and real estate investment crash
Lester Falgout
New Orleans
PS. Ann you can contact me to talk this over after you chat with Mike.
LOL. Ann’s video is funny and it is entertaining just see her take a stand with so much conviction; I sense her anger and frustration and believe she is serious. I believe I have experienced that frustration about at some things in life. As far as that method being effective, I would say not. It could make someone at BOA angry. On the bright side, I bet she feels much better, for now. With my limited knowledge of the law, I would say she has opened a can of worms to be sued. Her account would possibly be given priority by the bank to get it through the legal process. She shared her premeditated actions with the world.
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