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 MSN.com 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
Posted by: john | Sep 18, 2021 2:17:43 AM
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Posted by: 48 Mick | Sep 18, 2021 2:28:45 AM
It's unlikely that anyone will successfully fight the banks. The government is on the side of the banks; after all where did their campaign money come from. Voters should never assume that the government is on their side. Voter, when a politician is arranging priorities you are last. He himself comes first, then his party, then the govenment as a whole, then on down the food chain that includes the judiciary, large corporations, the military, law enforcement, the press. Even accused criminals who must be coddled and rehabilitated come before you. Your purpose is to work hard and keep your mouth shut while all of the above lie to you, ignore your rights and rip you off for all they can get.
Posted by: Joe Basiley | Sep 18, 2021 5:51:25 AM
The only means off confronting This Bankers Monopoly (do AS they Want)is with media support. Governments take a strong Hands Off policy to banking until it"s time to bail them out for outlandish Bonuses to it's own elite. very careful manipulation of government -including Bribes going down as donations to politics is just one of their policies. go with the territory strategy KEEP the midle class poor and paying for Extravagance.
Posted by: opit | Sep 20, 2021 9:49:04 AM
Inflating the 'interest' rate on a dubious account ensures financial failure. The larger amount claimed as loss is then available as write-off when bankruptcy pays a percentage of claimed debt. This causes a false loss to be claimed against taxation.
She's doomed. They have their money back from the public purse. Isn't fraud wonderful ?
Posted by: Blake Edwards | Sep 20, 2021 11:53:43 AM
Numbers win. If we all took our money out of banks, lost credit and started paying cash for everything we would win, the banks and government would lose. Without debit and credit cards, all plastic, the banks would lose control of the investment information they now monopolize.
Get smart. Cut up plastic and adopt the "I pay cash phylosophy to beat the banks and yank the chain of government.
We can do together what we cannot do alone, and only numbers will speak to both the rapists.