The Debtor's Revolt Starts Here, Says Calif. Woman

The mortgage meltdown was bad enough, but a credit card debt meltdown has been forecast by some analysts. It doesn't help when creditors arbitrarily raise interest rates, and that's what's happening here.

The Debtor's Revolt Starts Here, says a YouTube video posted on Sept. 8th, but just gaining media coverage today. Ann Minch of Red Bluff, CA pleads her case. Minch has been making minimum payments to her Bank of America credit card for years.

Granted, that's not a good thing, but it's worse if BofA chooses to raise her interest rates. They have, according to reports, done so several times this year. The magic number reached 30% in July.

Minch said that she'd be dumping BofA, and would be refusing to pay off her credit card debt unless she was offered a lower rate. She explained that she'd been a reliable customer even though she'd lost her job and that bank representatives refused to negotiate her interest rate when she called them a few weeks ago.

Here's her message to BofA, as posted with her YouTube video.

Message to Bank of America: I've decided to it's time to take a stand against the banksters' usury and greed! If our founding fathers were willing to sacrifice their LIVES for our FREEDOM, then I can certainly sacrifice my credit score and be willing to be sued. I'm staging a DEBTOR'S REVOLT!

Hard to believe the Debtor's Revolt video has only garnered 97,000 views at the time of this writing. Come on, folks, banks and other financial institutions increase rates, change terms on the fly. Should that be allowed?

The Credit Card Accountability, Responsibility and Disclosure (CARD) Act was signed by President Barack Obama in May. The law intends to prevent, or at least curb, many of the revenue-raising tactics used by card companies that siphon profits from consumers. The bad thing: it doesn't go into effect until February 2010. Plenty of time for banks to ratchet things up.

Watch her video: