Posted on 09/17/2009 6:10:42 PM PDT by Libloather
Red Bluff woman launches credit card revolt
By David Benda
Posted September 17, 2009 at midnight
RED BLUFF - Ann Minch's vow to stop making payments on her Bank of America credit card has captured a nation.
Upset that the bank raised her interest rate to 30 percent, the 46-year-old Red Bluff native vented her outrage on video and uploaded it to YouTube.
She calls the four-minute, 28-second clip "the proverbial first shot in an American Debtors Revolution," and it has struck a chord with the public.
Minch will be in San Francisco today doing a live TV interview for the "Fox & Friends" morning show. She also has been contacted by MSNBC and local TV and radio and did an interview for The Huffington Post.
"I have just been bombarded with media," said Minch, who's a case worker for Tehama County Mental Health.
Minch posted the video Sept. 8. It had generated nearly 177,000 hits as of Wednesday afternoon.
"I did it that night. The next morning, I went to work and didn't really think about it too much," Minch said Wednesday by phone from her Red Bluff home. "My friends started to call me and said, 'You are famous; your video has gone viral. It's all over the Internet.' "
Minch was laid off from her job at Tehama County Mental Health but recently was rehired to fill in for somebody on medical leave, she said.
Minch's fury with Bank of America ignited in August when she got a letter from the bank that said the rate on her credit card had been raised to 30 percent. Minch, a 14-year bank customer, was carrying a $6,000 balance on the card but had never missed a payment.
When Minch started going over back statements, she realized the bank in January had raised her rate from 12.99 to 24.49 percent. But Minch said the bank didn't send her a letter, so she missed the change.
On the video, Minch says, "Now, these are my terms: Unless you return my interest rate and monthly installment amount to what it was before the rate hike ... you're not getting another penny out of me."
Bank of America spokeswoman Colleen Haggerty said the company is aware of Minch's YouTube clip but doesn't comment on specific customer accounts because of privacy concerns.
"Regarding credit card rate increases, customers are notified in advance of new rates and are given the opportunity to reject the new rate and pay off the balance under the existing rate," Haggerty said in an e-mail.
Minch is aware of the policy.
"But who has $6,000 just lying around?" Minch said. "The bottom line is that because of the bailout, this is what is making people angry. The banks are the ones that created this whole economic disaster in the first place. The taxpayers bailed them out, albeit involuntarily."
Minch said middle-class America is fed up.
"That is the reason why my video has gone supernova and has resonated with so many people," Minch said.
There are. But in some states the cap is 29.99%.
I don't disagree. That is why I use a debit card and have an "emergency" credit card with zero balance. Loosing a well paying job in 2001 brought me back to revolving credit reality.
Banks should be limited to a maximum rate of no more than 5% above prime. Then they would be much more particular about who got a credit card, and they would reasonable limits on the maximum balance. Then people would not be using so much of the “imaginary money” that some of you are referring to.
My neighbor did this (went to a credit counselor) and they told her this. What they do is have them stop paying and after a certain amount of time, they settle with the credit card company for a portion of their balance. They don’t pay off the entire amount and I believe that it does go on their credit report. The neighbor lady didn’t like the idea so she’s now filing bankruptcy for the 3rd time because....I don’t know...I guess she thinks that’s better???
I'm hoping, with the money we're saving, we can buy our next vehicle outright and not finance. That'll save us even more money.
I was inspired by this:
It shows as a charge off that is settled and drastically affects their credit score for several years. Most lending insitutions don’t care about charge-offs that are settled after four years including the major home loan lenders fannie mae and freddie mac along with FHA as long as credit is re-established.
I've had interest rates go up even though I pay on time and have good credit.
Credit cards shouldn't be able to get a wild hair up you know what and charge usury rates.
I also have a moral problem with every credit card company and issuing bank in America for being deceptive, usurious, governmentally monopolistic and parasitic.
In this case, I hope the woman does well, many people follow her example, the banks ALL go under, and we re-institute Constitutional money.
Failing that happy-happy joy-joy outcome, I hope the woman isn't bankrupted, and the banks still ALL go under.
Ah....so what you are saying is that my husband and I are idiots for paying off our debt according to the standards that we originally agreed? lol
Throw that bitch in prison!!!!
“I agree with her. Credit cards companies are downright criminal in their acts.”
The people that charge and don’t pay their bill are criminals!
This broad and anyone like her belong in prison!!!!
“Tell me why they have the right to do that to her? “
Because she’s a dead beat and a bad risk.
“banks charging 30% for someone who have never been late tick me off.”
If they are never late you shouldn’t care if they charge 100%.
Pay you bill in full every month or quit bitching!
If anyone charges and doesn’t have the money to pay the bill is a criminal!
Red Bluff — my hometown from 1972-1976. I knew the Minch family when I was in high school.
I have read all of your comments, and I can not believe you all have forgotten how the Credit Managers of the world have decided that we do not count, I have had interest rates doubled on accounts that I do not use anymore and have zero balance, at which time I have cancelled. I am completely support this women in here response to the Creditor and before we all lose our right to disagree, we should review who we support and who we attack.
And, by the way, she should pay her bill like everyone else.
They're not much different than those selling drugs, as they try to get the young hooked into debt early on..
She needs to first pay attention to her mail, then pay off her card as soon as possible and cut it up.
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