Two weeks ago, Ann Minch posted this video on YouTube, declaring the beginning of a "Debtors Revolt:"
After Bank of America jacked up her interest rate for no apparent reason, Minch decided to revolt and stop paying her bill until they lowered her interest rate to its previous level.
Today, Minch posted another video, declaring victory:
Bank of America contacted her, and after some negotiations, agreed to lower her interset rate to 12.99%. The little guy wins one!
Monday, September 21, 2009
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I would not recommend this strategy: Your late payment gives them a legal excuse to keep your rate higher for 6mo at least. Then they are allowed to keep them high pending a review... which could mean indefinitely...
ReplyDeleteSome other accounts may be allow to raise your rates or deny you more credit based on the late payments as well.
When the new credit card laws come into full effect they will always have to notify you in writing before they raise rates, and you have an option to close your account and payoff the debt at the rate you have at that time.
If you really want to win, you have to find a way to pay them off, and don't carry a balance!
If you do debt management, the rates could get lowered a lot, but your cards on those plans are closed. It's better than not paying though.
Most of the time they will accept debt management offers.
I just handed a 30% chase account over to debt management, and its' now around 7%, but I have another closed account.
D "too lazy to login" Wha-Rob