Debtors Revolt!!!!!!!!!!!!

I have a spot-free credit history and my bank recently raised my interest rate from 8 % to 12 ( 7.99 + prime). I called them to see what all the fuss was about, and after getting some 'honest' answers, and a letter in the mail, I determined that it was due to the new credit laws being passed. I read a couple articles in the paper about banks arbitrarily raising rates now, because they wont be able to after February.

However, here is this women's 'too good to pass up' pay back offer. If the bank raises your credit rate you don't have to agree to the terms. One of the representatives I talked to on the phone said that I had the option of closing the credit line, which would freeze the APR at the current rate (8%) for the lifetime of the balance. Payments would continue as normal, and the rate wouldn't change. This is in accordance with the new legislation being passed.

A fixed rate at 8% for the lifetime of the balance IS almost too good to pass up.


However, the representative that actually told me this was the third one I spoke to that day. I was trying to be as civil and nice as possible in order to make any headway. Obviously the banks are going to be hesitant to tell anyone this.

This little video of her's has been circulating on boards everywhere and has been picked up in blogs and news columns all day. This is likely going to be come a famous meme before the weeks is out.

Makes me smile.

[edit on 9-9-2009 by wayouttheredude]

booo hoooo hoooo!!! the banks are screwing me....yeah no duh...

Here's what I dont get....who the hell actually uses credit cards!???
Why isn't everyone a badass like me and throw cash down when you want to buy something...

You want something?....work, save, buy....done.

JEEEEEZUS, do I have to write a book called HOW TO NOT SUCK AT LIFE for all these cretins....

I had a bank of america credit card too...hadn't used it in like 2 years so they just closed it for me...good riddance...I mean, why would I use a credit card anyways?

reply to post by DrMattMaddix


Banco National de Panama.

I don't know that doing what she says will harm the banks. It will just harm your credit score, which of course is a device set up by the same crooks to shake you down for even more money.

Also, Bank of America bent you over for no good reason.. I can't say that I blame them. HIYOOO Whoah, Johnny.

That will probably get this axed for decorum.. it was worth it.

I switched over to credit union account for my business away from the national banks like BOA because I did not like the way they treated me. More than once they rearranged the way that payments were processes so that the account would go over with the most possible fees being tacked on.

I wish it was possible to do business without any kind of account. I like to use cash or would use gold and silver if it was accepted widely. I hate the electronic trap but it is dang near impossible to do business without an account now days.

Moving to credit unions does more good for the local community and hurts the big banksters without making my business impossible.

Some 'revolt'. If it weren't so stupid, I'd actually laugh at it. The ONLY way to make the banks and credit card compaines hurt is to pay your cards off fast. This denies them the interest income that they project, and they will not meet their projected profit which will hurt them. That's the only way.

reply to post by xoxo stacie


Haha, I read your comment before I watched the video and I gotta say, I was expecting a lot worse. At least something that can't be heard on cable...You are like those easily offended moms that feel like they should say something to me when they hear me swearing in public anywhere close to their children.

Anyway, the woman in the video had a good message. And people need to stand up for themselves before the banks do this.

I know I have some debt because of an unplanned for large expense. And then my girlfriend lost her job, so it's taken longer to pay it off then expected. It can happen to anyone.

I can only hope my bank doesn't do that to me.

Here is my solution to the "Credit Problem"

If a credit card user, decides they are not going to pay back their credit card debt -- then the banks have the right not to issue them another credit card for 5 years.

That's it.

If that seems shocking to you -- then obviously, you think it's OK to have a double standard on people vs. corporations.

If I put stock in IBM -- I have faith in their future and I am INVESTING in their stock, in hopes of it being more valuable. When a credit card issuer extends me credit -- they are investing money in me to get a greater return.

If they give a credit card to my kid in college, or a dog -- then they take a risk and are using the law to get ME, to pay them back for someone who shouldn't have a card.

>> It is even more unfair -- since I invest my money and risk in a stock, and the bank doesn't invest anything, but money they got to create, based upon some credit I gave them -- in exchange for fees, bounced check costs of $35 a pop, and whatever other "policy" they come up with to ding me with this year. All for a whopping .5% payback to be able to loan out 10 times what I deposit. Then at tax time, I have to declare that interest -- which is more of a nuisance and I'd rather they keep the insulting proceeds and call it even on all their dang gotcha fees.

>> Then an amazing thing would happen; credit card companies would give cards to people who could pay them back, and would stop extending credit when you got into trouble. Occasionally, they'd have to write off the debt and take a hit -- like back in the good old days when we understood what the term "robber baron" and "bankster" meant.

In a perfect world, Banking would be through the government, because, like water and electricity, it is less profitable to extend these utilities to people who are poor or in rural areas that aren't going to make a lot of money. These investments, help people make more progress and the little we lose ends up giving society back much more than is spent. And besides -- we have to cover all the losses anyway -- notice all the bankruptcies?

The big scam is that any banks are bankrupt. How much have they sucked out of the system? We've been printing money and getting poorer and someone is holding the bag, probably in an offshore account or the banks got suckered into high risk investments and lost all the money -- exactly what used to be illegal because this happened before the great depression.

reply to post by Nickmare


I'm always amazed that some people find that words are so obscene -- but they aren't offended by the actions of stealing from the people or committing us to war.

If you are most offended by corrupt actions -- then you understand what obscenity truly is. If you are offended by language, you are bothered by appearances.

It's nice when you have no real property that collectors or the courts can come after....LOL.

If you can stop paying your CC bill like her, and stop spending your money, stop borrowing money, we will bring the government and the banks to their knees without bloodshed.

i think it's sorta funny how a lot of people are like

WORK AND SAVE

yeah, I agree, but first you got to be able to work, and second, you gotta have enough left over after paying your social obligations (rent, utilities, insurance, insurance, insurance, insurance, taxes) to save.

this is it. this is the video that started a revolution.

reply to post by VitriolAndAngst


I think you are missing vital elements in your senario....The CC company or her bank....raised her interest rate to 30 percent....LOL. That is bull plop sir! No one should have to put up with that.

What I recommend she does is apply for a new credit card with another bank and get the cheap rate for 6 months or whatever the promo is...then use that card to pay off the high interest card.......and cancel the high interest card..... Just before the 6 months is up on the new card, go out and get another deal with another bank. Cancel the old accounts after you pay them off. After 18 to 24 months, apply to the old bank for a credit card if they are offering a low rate for six months as an incentive, and start the process over again.

Unfortunately, if non of the banks are offering a deal such as 6 months low interest rate for signing up, this won't work....but check into it and see what's being offered. Borrow from Peter and a low rate to pay your debt off with Paul who's charging you an arm and a leg and a few front teeth..

The thing about this whole thing is that, if everybody stopped paying their credit cards and went and withdrew all their money and left an outstanding balance, it wouldn't be a few months before the banks had to close up shop.

Banks make money off of the interest payments and fee's. They make mad cash off the minimum payment per month on CC's. Also on over draft fee's. If you are going to over draw your account though make sure you have another account already open because you won't be able to open up another one with an outstanding balance.

So if everybody just stopped making payments and maxed out the credit cards the banks would be screwed because with ever payment made back to them they are able to create more money off of that money.

If you want a peaceful revolution, it's real simple, stop feeding the beast.

I stopped doing any business with banks at all over a year ago.
I guess I'm ahead of the curve on this one.

Good thread, though.


Glad to see others wake up to this.

reply to post by Hastobemoretolife


Precisely!
The goal is to get the scumsucking bastards TO close up shop!

STOP GIVING THEM MONEY!
It is funny. The only time I even enter the bank is to cash my paychecks. And every time the idiot tellers look at me like "with all that money are you EVER going to open an account?"

The answer is NO, I WILL NOT!

Atleast something we can all band t ogether and relate to on a personal level... Debt! Why pay it back when the companies are just going to be going bankrupt from all the other people defaulting....

It will be like THROWING YOUR MONEY AWAY!


Cc companys stay away,
We will NOT PAY!!!!!

Bank of America is indeed a lousy bank and I would not wish this bank on my worse enemy but others are just as bad.

Chase pulled this same number on me and when I called to find out why with excellent credit and no late payments were they jacking up my interest rate to 29%, the answer I got was pretty much, because they could.

They refused to negotiate and told me that there was nothing that they could do about it.

I told them that there was something that I could do and I did. I took my money out of savings right after I hung up and paid off the card.

Now here is where it gets real interesting.

I had two other cards that I did not use very often. The Citi-Bank card I had not used for months and the Discover card I had not used in over a year.

In fact I received a call from Discover just a couple of weeks before telling me that I had been such a loyal and responsible card holder that they were reducing my interest rate to 1.5% for 6 months and then it would go to 8%.

Guess what happened after I paid of Chase.

Both companies canceled my accounts for lack of use!

I had to laugh. I say good riddance to bad rubbish.

The only debt I have now is my mortgage which I am trying to pay off as fast as I can and of course my basic monthly utilities. I don't even have satellite or cable.

If I can't pay cash. I don't buy it and will never be a slave to a credit card company again.

They don't want customers that are responsible bill payers. We are bad for their business and they don't need our money when the government is their new cash cow.

I see it this way. We are starting to get "warnings" from folks "in the know" saying that our ATM cards won't work anymore... and when that happens, get the hell out of dodge...

OMG!!! The Sky Is Falling!!!!
I say, let the sonofabitch fall!
I don't have an ATM card anyhow. I neglected that crap long ago when they started using conman techniques to suck me into overdraft fees.

When I realized they were screwing me deliberately, I ran up as many overdraft charges as I could, kept the money and refused to repay it.

The RFID chip?
Hell, I'll volunteer for the f#ing thing. Lets get this ball rolling!

The people giving the warnings say to look at BoA as a sign to get out. When they close down, STHF is happening.
I say... GOOD.

I'm tired of these mind games.
Lets get this damned game going!

The sooner it begins the sooner we get to see these scumbag SOB's hanging from the streetlamps. (figuratively speaking, of course )