How One Debtor Resolves Her Credit Card Problems

{ Posted on Sep 16 2009 by admin }
Categories : The Digerati Life


There’s this lady who decides to revolt and bail out on her debts. If her information is accurate, her reasons seem justified (though some will be compelled to criticize her actions):

The summary: this very courageous (or foolish? you decide) Bank of America customer gets peeved over the hike in her credit card rates to 30% even though she is a good customer. She calls BofA to try to negotiate her rates and instead, they refer her to a debt counseling and consolidation service (the problem is not with her budget). Hmmmm…..

So now she’s fed up and decides to send a message to the “banking elite” through YouTube: She’s going to halt her payments and won’t be paying off her credit card debt until she gets her original rate back or unless the bank decides to give her a too-good-to-pass pay off offer. “Stick that in your bailout pipe and smoke it,” she tells them.

Hearing her outcry and call to action, would you be willing to sacrifice your credit score to make such a statement?

It seems that the banks and card companies do their bullying in the hopes that most of their customers would just roll over and pay up. But there will be customers who aren’t going to take it — these are the people that card issuers should be listening to and negotiating with. These customers are willing to keep paying off their debt at reasonable rates but by pushing them over the edge, card issuers are leaving them no choice. So the harried card holders are going to do the drastic thing and bail out on their debts. I think it’s pretty stupid for these financial institutions NOT to realize this.

Can’t BofA see that their customers just want some fair and reasonable treatment? Oh I forgot, all that went out the window with the subprime meltdown. Apparently, taxpayer bailouts haven’t been enough. Banks have to put the squeeze on their customers too.

So who’s going to blink first? Well, who’s got more to lose?

Lazy Man’s Plight

All this reminds me of the story of a friend of mine: someone else who’s fighting the good fight is my buddy Lazy Man. If you haven’t heard his story yet, it hasn’t been a bed of roses for him recently. He’s been slapped with a cease and desist order from a big corporation (MonaVie of Acai Berry fame) for alleged trademark infringement, but really, they just don’t like the “negative publicity” that Lazy Man has heaped upon them with his writeups. If these were glowing reports from a blogger, they would never make such a stink.

I wish Lazy Man all the luck on this one. You can check out his update on the case: MonaVie Sends A Second Cease & Desist, as well as the original MonaVie article that started it all. It would be great if you can stop by at Lazy Man’s site to share your support.

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How One Debtor Resolves Her Credit Card Problems

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