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Can you hear me now? How to get banks to listen

September 24, 2009

Think that one person’s voice can’t make a difference?  Think again.

Ann Minch, a resident of California and Bank of America credit card user decided to raise her voice against the sudden increase in interest rate on her account, taking it from 13% to 30%.  She took to the internet via this Youtube video (contains mild language), which has been viewed more than 300,000 times and earned her “debtors revolt” coverage in the Huffington Post.

Two weeks later, she’s back to her old interest rate, thanks to the media coverage and some hard bargaining with a B of A executive.

We don’t advise ignoring your debt, but we do recommend that you use your power, as a voter and a consumer, to raise your voice like Ann did.  Millions of Americans are facing financial problems, many of which could be solved with better consumer protection legislation.  If we work together to talk to Congress and the banks about our concerns about lending abuses, we’ll collectively get that much closer to a system of truly fair lending.

(Photo: Mrs Logic)

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