Debtors Revolt Against Banking Industry

Ann Minch took to YouTube to complain about Bank of America boosting her interest rate on her credit card to a whooping 30 percent. Should more credit card users follow her lead and take on the banking industry?

I typically give those who take to YouTube to rant about as much attention as any random crackhead on the street doing the jerk while raving about the Illuminati.

But it’s hard to ignore Ann Minch now that her infamous video taking on Bank of America for sending her credit card interest rates soaring has gotten national attention.

As you can see, Minch claims that despite never being late on any payment, Bank of America “jacked up my interest rate to a whopping 30% APR” for her credit card.

I’m not surprised customer service wasn’t willing to help you. Ever try talking to a student loan company about having problems making payments? You might as well make plans to sell your organs because they’re not trying to hear you.

Although CNN has since reported that Jeff Crawford, the bank’s senior vice president of existing customer credit services, called Minch to explain that her two late payments resulting in her rate being hiked, in general is it fair to make consumers play over 30 percent interest?

Some credit card companies have jacked up the rates of consumers who have never missed a payment. I would know because I used lots of expletives when I noticed.

Then there’s the issue of bank overdraft fees and banks like Bank of America (shocker) misleading state governments in their business dealings.