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September 17, 2021

Can social media be used to fight the big, bad banks?

“You are evil, thieving bastards. You have reaped ungodly profits in your behemoth casino scams - then lost - only to turn around and usurp the wealth of this great nation by the outright rape and pillage of middle-class Americans whose sweat and toil built it … every last one of you should be rotting in prison.” – Ann Minch on banks, and bankers, in the U.S.

Now, I know what you’re asking yourself: who the hell is Ann Minch?

Good question.

Minch is just like someone you know, a hard-working citizen who – after the economy dealt her a bad hand – now fights with the inflated interest rate on her modest credit card debt.

The 46-year-old California woman has been managing her credit for years with Bank of America, always making the minimum $130 monthly payment and never being late.

Like many, she has dealt with seemingly inexplicable spikes in her credit card interest rate.

Only, unlike us, she’s not going to take it anymore.

Minch has launched a “debtor’s revolt” against Bank of America until it returns her interest rate back to 12.99% (they bumped it to 30%), vowing not to pay “another red cent” of her $5,943.34 bill until her demands are met.

Yet while anyone can take a stand against creditors, what makes Minch’s mutiny so intriguing is the way she’s gone about it.

After losing her job as a mental health care manager when the downturn hit, Minch decided to fight back with an angry anti-bank video on YouTube.

So far, she has been featured on the Huffington Post and in the States, and her video is up well over 200,000 views.

Call it David versus Goliath.

“Historically, powerful and arrogant corporations, often protected by lazy regulators, have ignored consumer complaints,” Ed Mierzwinski, director of the U.S. Public Interest Research Group, told MSN.

“Now social media tools are levelling the playing field for victimized consumers.”

Indeed, the approach is innovative … if not foolish. The other argument here is that Minch is simply fighting a losing battle.

“Acting in an irresponsible and financially self-destructive way is a terrible strategy,” said Jason Steele of Ask Mr. Credit Card. “Encouraging others to follow her is morally wrong. The bank will survive her default, but she will be financially ruined.”

Minch has said she has nothing to lose in the dispute – she doesn’t own a home and has no assets – but her main concern is how the dip in her credit score could hurt her job search.

The question is: where do you stand?

It’s easy to sit back and blast someone for falling into debt but, the reality is, many of us are probably in a similar spot. No matter where you stand, it’s tough to argue her rebellion isn’t noble, if tragically fated.

So, do you think Minch should just shut up and pay, or do you admire her use of modern media as way to fight back against the Big, Bad Banks?

By Jason Buckland, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

James HaversJames Havers

James is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo),,, Canadian Business and other publications. Havers turned to journalism after teaching overseas.

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...