Update - DEBTORS REVOLT BEGINS NOW!

311,000 view count...after it was basically stopped over the week end

The more I think about this, the more I think this has the potential to be really powerful.

If a significant number of people start to follow her lead, and the news gets out that a significant number of people are following her lead, it will snowball, they will be unstoppable, and the system will fall apart.

The same technique could be apllied in numerous other situations. Certain kinds of taxation, for example, could be stopped dead by massed resistance.

The system that government uses to enforce its orders depends on only a tiny fraction of people resisting. If any significant number resist, it breaks down. Only the military has any hope of dealing with mass movements. And then you have civil war, so government is not going to reach for that lever too readily.

I look forward to seeing how this plays out. I anticipate a counter-attack of some kind.

ask for a payoff and after you get the payoff, dispute the debt and ask them to prove it, they never can, the default them.
This is what Im doing, I also did a foia to the bereau of public debt under the treasury to find out what my share is, they never got back to me.

is gutsy. Bravo! Sending this out.

Their in on the "selling-out of America". They've supported "illegal aliens" from way back. Well, don't do business with 'em is the simple cure here, START NOW!

~peace~

~

Can someone embed the new video?

http://www.youtube.com/watch?v=cNHd-GBZGQo&feature=player_em...

Ann Minch Triumphs In Credit Card Fight (VIDEO)

Two weeks ago, Ann Minch of Red Bluff, Calif. announced in a YouTube video that she'd launched a one-woman "Debtors' Revolt" and would refuse to pay off her credit card balance after an unfair interest-rate hike.

Now, after her video made a huge splash, Bank of America has agreed to reduce her rate ...

http://www.huffingtonpost.com/2009/09/21/ann-minch-triumphs-...

I understand that this woman is upset, but it boggles my mind how she is willing to sacrifice her personal financial future "for the cause."

CreditLaw.com posted a response on it's blog that highlights some simple steps that she can take to resolve the situation and walk away. In essence giving BofA the finger.

For anyone interested the response can be found here: Debtor's Revolt: But at What Cost?.

some people max out their credit cards buying gold and silver, and then they tell the credit card companies to take a hike.

My wife and I were both in the same boat, and frame of mind that you are in now. "Kudos" on bringing it to the people. Hopefully more civil disobeyers will step up to the plate. We must hit them where it counts; right in the wallet!

In Liberty,

DPMJ

over 213,000 now

look for website .........soon

Normally credit interest is higher when they tighten but we are in an uncharted economy ..because Credit is no longer in demand , ninterest rates remain low..It is the credit card interest that was already on the books that is being incresed...You past debtors will pay for your abuses is the theory..Stagflation is here & only failed gov't policy can bail out the FED. RES....The value of notes would collapse if Healthcare does not pass...You will have healthcare come h or high water..You will get ID come h or high water..Glenn Beck has the wave : NEW REPUBLIC.
Won't you be a 912er ?
Where did these people go to school ?
Good people do Good deeds
Good people make it happen

An interest rate is the cost of borrowed money. When credit is tight interest rates rise. This is what happens in a free market. A lack of credit creates an incentive to save which increases the availability of credit. That is the natural balance that is broken when interest rates are set to rates they shouldn't be. For example, the Federal Reserve's manipulation of interest rates which caused a housing bubble.

It sucks, but interest rates should be high right now. Otherwise we are just re-inflating a bubble.

on same page as this vid...must see it also

The only time in life a person should use credit is when they are paying for college or buying a home. Both must be done wisely.
For everything else - budget.

Interest and debt collectors will enslave her.

Cut up your credit cards.

(Maxed Out is a good documentary I use it to teach my students in Economics class)
http://www.youtube.com/watch?v=GsrA6AfS8UE&feature=related

Think what you do when you run in debt; you give to another power over your liberty.~Benjamin Franklin

The following parable comes to mind:

"Therefore, the kingdom of heaven is like a king who wanted to settle accounts with his servants. As he began the settlement, a man who owed him ten thousand talents was brought to him. Since he was not able to pay, the master ordered that he and his wife and his children and all that he had be sold to repay the debt.

The servant fell on his knees before him. 'Be patient with me,' he begged, 'and I will pay back everything.' The servant's master took pity on him, canceled the debt and let him go.

But when that servant went out, he found one of his fellow servants who owed him a hundred denarii. He grabbed him and began to choke him. 'Pay back what you owe me!' he demanded.

His fellow servant fell to his knees and begged him, 'Be patient with me, and I will pay you back.'

But he refused. Instead, he went off and had the man thrown into prison until he could pay the debt. When the other servants saw what had happened, they were greatly distressed and went and told their master everything that had happened.

Then the master called the servant in. 'You wicked servant,' he said, 'I canceled all that debt of yours because you begged me to. Shouldn't you have had mercy on your fellow servant just as I had on you?' In anger his master turned him over to the jailers to be tortured, until he should pay back all he owed.

This is how my heavenly Father will treat each of you unless you forgive your brother from your heart." -- Jesus of Nazareth

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"All the brave soldiers that cannot get older, been askin' after you." -- Crosby, Stills, and Nash

She was paying her creditors and has good credit.
But when they raised her interest to 30% for no reason she had enough.
For those people who cave in and pay that interest are fools.
For those that say that the rate is what the market dictates is not true.
People are not spending or borrowing in droves.
So demand is way way way down.
Interest rates should be no more than 3% when they get what they lend us at almost 0% and they would still make a nice profit.
But some fools will get kicked and spat on and never say enough is enough.
This lady is a champ and I applaud her!

I disagree that you don't have a problem, if your carrying a balance you need to ask yourself why. Don't be crying about your rate to us Dailypaulers.
Cut up the card! If you don't like the terms then don't accept the card.
They are just trying to make money to pay back their loans too, no one forces you to use their credit facility. Quit your bitchin and quit using the product. Pay it off asap.Waaah!
Or let's march on Washington?

I will send you several effective letters, to send to them

I'd like to have the interest rate for all the banks that took TARP money to skyrocket to 30%.

Anyway

She states that she does not have a budget problem. If you have credit card debt, you have a budget problem.

All she has to do is opt out and it stays at it's previous rate, she just can't use it anymore.

Meanwhile at 30% interest her principal will be skyrocketing. It is a complete scam though... SOB's

There are some problems I see with what she is saying and plans on doing.

1) She talks about her interest rate going up. The bank is required by law to give notice of increases in rate with an option to opt out. I know because BofA sent a notice to me.

I contacted BofA to see about standing on my great credit rating, payment history, and number of accounts I have had with them over the years. I even threatened to pay it off with a lower offer from another bank, so they would not make another penny off of me. They wouldn't do anything for me, so I opted out. Now, I cannot use my card or the rate kicks in, but my current rate is the same as it was when I received the notice. As soon I hung up the phone with them, I started planning how I was going to pay that card off (that was 6 months ago). I will have it paid off this month. It took two and a half months to pay it back after careful financial planning, while still paying all my other bills and debts.

2) She incurred the originating debt, so they will come after her. Also, she is so small in the scheme of things that here little revolt will go unnoticed.

3) They will not take her to court, so she can forget about the over-flowing court system. They will take her to arbitration as the terms and conditions state. Arbitration agreements are in place between the banks and the arbitrators, so that they can utilize their services. It is extremely rare for a customer to win an arbitration case.

Anyway, although I admire her willingness to fight, and I wish her luck, it will go nowhere but bad for her. Sorry.